Depositors shop around for six per cent
Term deposit rates have halved in the last six months from more than 8 per cent. Online savings accounts are paying up to six per cent interest rate but consumers have to shop around to find good deals in a falling interest rate environment. Figures from Infochoice say Arab Bank is offering 5.25 per cent, Elders Rural Bank has 5.15 per cent and Heritage Building Society has 5.05 per cent for six-month terms. Arab Bank's online savings account pays 6.2 per cent, Bank of Queensland has a 6.2 per cent introductory rate on its WebSavings Account, AMP's eASYSAVER Account is paying an introductory rate of 6 per cent and Ford Co-operative Credit Union's online savings account is paying 6 per cent, as is one direct.
Source: The Age