Term deposits continued their descent in October, with 56 out of the 86 providers we track cutting rates for at least one term. This saw the average 12 month rate drop to just 0.77% p.a. - a difference of 7 bp from the previous month.
All major banks revised their rate sheets. ANZ cut between 5 and 25 bp off select terms, Commonwealth Bank trimmed between 10 and 35 bp off a majority of its offerings, NAB made cuts of 5 to 10 bp across the board, and Westpac also reduced rates for all offerings by between 10 and 20 bp.
For those looking to lock away their savings for more than a year, providers like Judo Bank are well worth a look. Judo currently offers rates of between 1.23% p.a. and 1.55% p.a. on 1 year to 5 year investment options. For shorter terms, Bankvic also offers decent value, with rates as high as 1.21% p.a. available on 9 month terms.
^See information about the Mozo Experts Choice Term deposits Awards
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