Savers still like term deposits

The level of deposits in banks and credit unions is still rising despite low rates.

One month ago, in January 2015, it was possible for savers to get 3.6 per cent on six month term deposits. Now the average six month rate is down to around 2.8 per cent. Savers need to shop around to get rates around three per cent and above.

These rates are indicative and actual term deposit rates offered by banks and credit unions vary.

Source: The Australian