Best term deposits still above six per cent

The best term deposit rates now are all about six per cent. Savers can still lock in rates of six per cent for up to five years from Westpac, NAB and RaboDirect.

And UBank, RaboDirect and the Virgin Saver account are at the head of dozens of banks and credit unions offering a variable rate of six per cent or more on at-call savings.

High savings rates may be encouraging more mortgagees to keep some cash in accounts or term deposits, rather than maximising the amount of extra payments they can make into an offset or redraw mortgage product.

One third of homeowners have savings invested in term deposits or bank accounts.

Source: Courier Mail