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Lock in savings: top terms deposits for June 2023
The Reserve Bank of Australia (RBA) raised the cash rate to 4.10% in June, as part of its ongoing strategy to rein in persistently high inflation. Take advantage by comparing several competitive term deposit accounts.
It’s tough to predict when the RBA’s tightening cycle may end. The big four banks have had to constantly adjust their forecasts to account for additional, unexpected hikes. Although there could possibly be further rate rises this year, it’s likely we’re close to the peak.
With this in mind, if you're thinking about squirrelling away some of your hard-earned savings this winter, you may want to take this opportunity to explore different term deposits offering attractive rates.
Although not all banks have increased their term deposit products in line with each interest rate rise, a number of them are offering rates above 4.50% - including Australian Military Bank’s Investment Plus at 4.75% for 12 months.
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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