Not everyone is cutting rates in the term deposit

Last week 10 financial institutions cut rates on term deposits. Term deposit rates have been falling for the last two years.

However, there are still some bright deal to be found. Last week a couple of institutions – Suncorp and Macquarie Bank – raised rates on six- and nine-month term deposits.

Suncorp raised its six-month term deposit rate by 0.15 per cent to 2.8 per cent. Macquarie lifted nine-month term deposit rates by 0.05 per cent to 2.75 per cent.

Source: The New Daily