Big difference between best and worst term deposit

InfoChoice data shows term deposit rates are currently averaging about 3.7 per cent for a 12 month term, down from 6.25 per cent two years ago. At today's current rates, the difference between the best one-year term deposit deal and the worst is more than 1 percentage point.

InfoChoice spokesperson Matthew Cuming says savers should speak with their existing bank first to try to get a better rate.

“Term deposits are one area where consumers exhibit great inertia in shopping around and switching between products and institutions. This inertia is driven primarily by consumers being time poor and not completely understanding all the options.”

Source: Courier Mail