RaboPlus has just increased its 5 year Term Deposit rate to 5.35%. Mozo's interest rate comparison tables show that this is now now the highest deposit rate on the market.
RaboPlus Term Deposit - 5.35%
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True but bear in mind that Citi's 5.3% introductory rate is variable, so it will decrease if official interest rates get cut again…. which in all likelihood they will.
I agree this term deposit deal is horrible. Sure the interest rate will go down further, but won't be much more. And it will bound to rise again within the next few years.
And the Citibank's rate is not the best. It's 4.0% base rate plus 1.3% bonus rate for 3 months. The most important part is that you ONLY EARN INTEREST FOR THE PORTION $10K ABOVE. Which means you will need to have more than $180k deposit to beat One Direct's 5.00% rate on all balances.
Suncorp has a 6% term deposit for a 36 month period. Better than Rabo but I am with the others in thinking that its a long time to lock away money esp during this climate.
http://www.suncorp.com.au/suncorp/personal/deposits/campaign…
5 years is too long, not really a bargain.
Suncorp's 6% rate is only for deposits over $25K. If you haven't got quite that much to stash away and are after short term rates, Heritage Building Society is offering 4.35% for 3 months on deposits of $5,000 or more.
http://secure.heritageonline.com.au/Personal-Banking/Term-De…
Or check out the new SmartyPig savings account for a good variable rate savings account - 5% interest, no tiered rates, no promo rate traps.
I still recommond One Direct over Smart pig since Smart pig pays interest every 3 months.
Good spotting!
5 years is a long time. Citibank is offering 5.3% for its online account. Its introductory for 3 months… but why worry beyond the 3 months in the current economic climate.