During the depths of the pandemic, when interest rates hit an all-time low, locking your cash up with a term deposit for a long time wasn’t the most advantageous move. However, with a rapid increase in interest rates over 2023 and following holds in the past few months, term deposits may be in a position to earn some good interest for a while.
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After the Reserve Bank of Australia's (RBA) recent decision to hold rates amidst slowing inflation, NAB and ANZ have adjusted a few of their term deposit rates. This also comes when most economists (including those at the big banks) think that rate cuts are likely later this year.
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Knowing what kind of savings vehicle to park your cash in can be overwhelming , especially for those who are just getting started. However, term deposits are one kind of savings vehicle that should be on your radar.
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After seeing a meteoric climb in interest rates, the RBA ended last year with a Christmas rate hold. Now many economists predict that the official rate is likely to come down in the second half of 2024.
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NAB has a well-being index that tells us quite a bit about how much Aussies want to save, matched up against how much they actually stash away, on average.
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As the year comes to a close and we reflect, some of us might be thinking about how we might better go about achieving our savings goals. You might not realise it but savings accounts aren’t the only tool in our financial belt.
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Last year saw a steep hike in rates, fears of a hard landing, and low consumer confidence. As the cash rate hit a decade-long high, savings accounts and term deposits hit some pretty high rates. In fact, some of the rates on offer are still sitting above 5.00%.
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Bank of Sydney has reported a surge in interest among investors for term deposits, “driven by the allure of security and substantial returns in the current economic landscape.”
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Big bank ANZ reduced several term deposit rates last month, with the biggest drop being 60bp (0.60%) on its 4-month term rate, as per Mozo data.
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Term deposits are a great way to invest money safely, but not everyone has a massive lump sum to put away. Typically, term deposits require a few thousand dollars upfront for you to take advantage of the high-interest rates.
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