Term deposits are still a great way to save

Term deposits are traditionally popular with retirees and investors looking for a safe haven for cash or a secure income source.

Term deposits have become more popular in recent years, despite generally lower interest rates than usual because of a government guarantee and continuing volatility on share markets.

The government will guarantee deposits in authorised deposit taking institutions like bank and credit unions, up to $250,000. Savvy savers can still find term deposit deals for well over three per cent. The longer term deposits are paying higher rates.

Source: Bankheadlines.com.au