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

Money Magazine Australia - - CONTENTS -

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.

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