Depositors get nine per cent return

Depositors can get returns from high interest online savings accounts and term deposits right now as the banks turn to retail deposits amid ongoing credit market turmoil. BankWest regular saver offers nine per cent on small regular payments. The best term deposit rates in the market at the moment are 8.7 per cent for a deposit of $10,000 over a term of one year. "On a term deposit account there is typically no fees and charges," says Steven Anderson from Infochoice. The best rates on savings accounts available now are promotional introductory rates of up to 8.5 per cent. The best ongoing rates are in the region of 7.5 per cent.

Source: Herald Sun