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High deposit rates won’t last forever

01/02/2010

Deposit rates are still at historic highs, benefiting savers who can get great returns from term deposits or at-call savings accounts. 12 month term deposits are paying up to around 6.3 per cent while online savings accounts are paying up to 5.51 per cent. Westpac is offering a five year term deposit rate of 8 per cent.

Rates on savings are not expected to rise as much as the Reserve Bank’s official cash rate, so the first half of this year is tipped to be the best time to lock away savings.

Source: Herald Sun



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Today's Savings Rates

Institution Product Max. Rate (%) Details
USaver (Base Rate 5.41%, Bonus 0.60% with savings plan) 6.01 Details
ANZ Online Saver (6.00% p.a. until 30th June 2012) 6.00 Details
Savings Maximiser (5.85% p.a. variable intro rate for 4 months on balances up to $250,000) 5.85 Details
Citibank Online Saver (5.80% Variable intro rate for 6 months on balances up to $500k) 5.80 Details
Institution Product Max. Rate (%) Details

The above products are some of the top rates available in the market. Based on promotional or introductory rates for an online savings account of $5,000.



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