How can I beat the deeming rates?
Pensioners and other Centrelink beneficiaries whose savings and investments are subject to Centrelink’s deeming rates need to shop around and find savings accounts and term deposits that deliver a better return that the deeming rate.
You can usually get better savings rates by looking beyond the Big Four banks. There are providers offering term deposits around and above the current deeming rate (3.25 per cent) and there are savings accounts now in the market with bonus rates above this mark as well. Shop around and compare products today.