Best Term Deposits – Short Term Best Term Deposits – Long Term

GOLD WINNERS BANK BANK OF SYDNEY NON-BANK CUA If you shop around for a decent rate, you can actually get ahead with your savings

Today’s low-rate environment makes it important to shop around for the best possible return on savings. The average rate on three-month term deposits is just 1.90%. To put it into perspective, inflation is sitting at 1.9%, so if you’re earning the market average you’re only treading water with your savings. Happily, our winners deliver more generous returns.

Bank of Sydney’s 2.65% rate is available over a four-month term, and you can get started with deposits as low as $1000. You can access the funds before the fixed term ends without the need to give 31 days’ notice – a condition that applies to many other term deposits.

UBank, which won this award in 2018, offers term deposits for sums of $1000-plus. Earn a handy loyalty bonus of 0.10% when you roll over the full value of your deposit into another UBank deposit on maturity.

CUA requires a minimum investment of $5000 to open a term deposit. If you are aged 55-plus, you could be eligible for CUA’s higher Platinum Plus rates.