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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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Rising interest rates have had at least one positive side effect: term deposit rates are looking better and better. And if you are looking for a secure place to stash your money for the short or long term, there’s one bank leading the pack on rates.
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Looking for a place to stash your cash, earn high returns, and protect yourself against market rate movements? Well, a term deposit might be what you need.
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