UBank rate still better than most term deposits

As fear – and, alternately, euphoria – gripped global markets during the past two weeks, many banks and credit unions swiftly cut the rates on their term deposits.

If you're looking for a home for your savings, banks and deposit takers have recently been cutting the rates they offer on savings products.

Cuts here are between 0.30 per cent to 0.37 per cent on one- to four-year term deposits and 0.46 per cent on five years.

But bear in mind when considering any term deposit that, so far at least, you can still earn about 6.5 per cent online, with instant access, from UBank, among others.

Source: The Age