Could you lock your savings away for five years?
The best term deposit rates are currently around 3.5 per cent. While it is possible to find good rates approaching and occasionally around three per cent on one and two year deposits, mostly the best rates are available on the longer terms.
Right now five year term deposits are paying around 3.5 per cent, well above inflation. Many economists are predicting that rates will stay low for many years into the future.