Hard hit savers look at term deposits

Retirees and people reliant on their savings have had their income hit hard in recent months. A couple with $120,000 in savings could have had their income from that asset slashed from about $8,700 per year down to about $4000 per year.

Online savings accounts are generally giving the best interest rates to depositors. Term deposits may be a good idea for savers in order to protect themselves against further rate cuts.

Source: The Australian