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Stash your savings: top term deposits for November 2023

Stash your savings: top term deposits for November 2023

10 Nov, 2023 - 2 min read

The Reserve Bank of Australia (RBA) raised the cash rate at 4.35% in November. Given this decision, many banks may ideally lift interest rates on their savings products. This may be a strategic moment to consider stashing some of your savings in a term deposit.

While there may be another rate rise later this year or early in 2024, it’s likely that we’re close to the peak. Analysts at the big four banks don’t anticipate any further cash rate increases this year. However, ANZ economists stated that the RBA “will retain a tightening bias and the risk of additional hikes is real.”

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 significant number of banks are offering rates above 5.00%, with the highest at 5.25%.

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.

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 can be 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

This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.

Peter Terlato

Personal Finance Editor

Peter Terlato is a content writer with more than a decade of journalism experience. His work has appeared in a number of global publications including finder, Business Insider, Lifehacker and ETB Travel News. He's written extensively about finance, politics, technology, travel and lifestyle. At RateCity, Peter published news and guides across an array of topics, from credit cards and the cash rate to car loans and cryptocurrency.