Good term deposit rates are still available

Some term deposits are now offering rates as low as just one per cent. Financial comparison website InfoChoice reports that average rates on a $10,000 deposit for 12 months are about 2.63 per cent currently. That gives savers just $263 on their savings over the year. Higher rates are available.

InfoChoice spokeswoman Laura Crowden said: “To get the best return savers should regularly shop around and compare rates.”

“Most importantly, be willing to move your money to a different institution to get the best rate.”

Source: Herald Sun