Great news for term deposit savers

Commonwealth Bank has lifted the rates paid on some of its savings account products, despite a rate cut from the Reserve Bank of Australia.

Commonwealth Bank announced a 0.55 percentage point increase in the 8 month term deposit rate to 3.05 per cent. Commonwealth Bank said this is the best term deposit rate currently available for terms under 12 months.

Commonwealth Bank said it recognised the popularity of the middle length terms in the term deposit market.