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Guaranteed growth: top terms deposits for July 2023
The Reserve Bank of Australia (RBA) held the cash rate at 4.10% in July. Although most banks will likely follow suit and leave interest rates unchanged, now may be an opportunistic time to stash some of your savings in a term deposit.
This is the second time in three months that the central bank has paused its more than year-long rate hike cycle. While there may be further rate rises this year, it’s likely we’re close to the peak.
Economists, commentators and analysts at the big four banks have had to constantly adjust their forecasts to account for the RBA’s unpredictable rate decisions.
If you’re considering putting away some of your hard-earned savings, you may want to compare several term deposit accounts to discover those offering the most attractive rates and features that fit your savings goals.
It’s important to be aware that not all banks have increased their term deposit rates in line with the RBA’s cash rate rises. However, a number of banks are offering rates above 5.00%.
Consider short term deposits
Term deposits are considered a relatively safe and practical option compared to other investments, such as property and shares. If you are considering investing your savings but don’t want to tie up all your funds for a long period of time, consider a short-term deposit. These can be an attractive option for investors seeking to grow their money for up to a year.
Common short-term deposits are 30 days, 60 days, 90 days, 120 days, 180 days and 12 months. Typically, the longer the term the higher the interest rate, but this may differ between financial institutions.
High interest 1-year term deposits
A year could be the time it takes to grow your wealth using a term deposit. Compare interest rates, returns, fees and more, and find a term deposit ideal for your financial situation.
High interest 3-year term deposits
Three year term deposits can be an excellent choice if you’re seeking a secure and stable place to park your cash. You may also enjoy a higher overall yield than a traditional savings account.
High interest 5-year term deposits
Five year term deposits are a smart option for those willing to commit their funds for a longer period, as they typically offer higher interest rates and can provide a reliable source of passive income.
Compare term deposits
Product database updated 26 Nov, 2024
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