Banks paying 7% for 5y term deposits

Interest rates on five-year term accounts have been pushed up as high as 7 per cent. St George and RaboBank are offering 7 per cent per annum over five years. Westpac, Commonwealth Bank and National Australia Bank are offering 6.75 per cent for five years while ANZ is offering 6.5 per cent. One year terms are paying about 6 per cent or slightly higher while ME Bank is offering 6.15 per cent for three-month TD periods.

Source: The Age