Is now a good time to invest in a term deposit?
In good news for savers, term deposit rates are tipped to rise in 2017. New bank funding rules coming into force this year favour stable funding sources like term deposits. An improving economic outlook also means official interest rates could rise, pushing deposit rates up. The best term deposit rates in the Australian market are already starting to outstrip at-call savings account rates. Most financial advisers recommend spreading your money around many different investments. Term deposits are a tried and trusted investment for savers, investors and retirees. Term deposit rates have improved over the last six months.
You can use the InfoChoice Term Deposit Calculator to work out how much you will earn with any term deposit, before you invest your cash.
What are the best rates now available (in January 2017)?
InfoChoice lists thousands of term deposits from hundreds of banks, credit unions and building societies in Australia. Rates change regularly. Smart savers check the market and compare products frequently. Don’t limit your choice of term deposit to your own main bank if you want to get eh best value from your cash.
The best three month term deposit rate
The highest three month term deposit rate is 2.65 per cent from Bank of Sydney.
The best six month term deposit rate
The highest six month term deposit rate is 2.65 per cent from ME Bank.
The best one year term deposit rate
The best two year term deposit rate
The highest two year term deposit rate is 2.80 per cent from ME Bank.
The best five year term deposit rate
The highest five year term deposit rate is 3.20 per cent from RaboDirect and Greater Bank.