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TD rates at all time highs

22/12/2009

Term deposit rates are at record highs right now. The Commonwealth Bank will give you 7 per cent on a three-year term while Westpac and its subsidiary St George will pay you 6.8 per cent for a 12-month term.

Deals like this don’t come along every day. Experts are advising that the banks are competing for deposits because of ongoing shortages on global money markets.

Lending is also running strongly and average mortgage sizes are up, so banks need extra cash to fund their loan books.

Great rates are on offer right now from all sorts of institutions on term deposits, especially and savings accounts.

Source: The Australian

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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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