You don’t need to accept a 1 per cent savings rate
Savers have to be proactive in hunting for competitive fixed rate deposit deals. Having a “1” in front of a term deposit interest rate is not uncommon these days but term deposit rates change regularly.
For example, right now, Commonwealth Bank is offering 1.9 per cent per year on a $5000 six-month fixed deposit. National Australia Bank is offering 2.35 per cent so savers who are prepared to switch banks can make a lot more from their savings.
Source: The Daily Telegraph