I have a chunk of change from a property settlement that I want to park while I look for a new investment. How can I find the best term deposit rates going at the moment? When I look at the banks' own rates they seem all over the place.
Best Term Deposit Rates
Tatanga on 17/05/2023 - 15:45
Comments
When I look at the banks' own rates they seem all over the place.
Yep, they are and effectively always have been (to varying degrees). Comparison sites can help, but be careful you are getting all results, not just "sponsored".
Depending on your term, but let's say 6 - 12 months, mid to high 4s are the benchmark. You can get similar and even better rates on online savings accounts, but you'll be subject to the normal catches/conditions and a variable rate.
Just whack it into an NAB Rewards Saver. Sure, it doesn't pay the highest interest rate, but with no cap, who cares?
https://www.nab.com.au/personal/accounts/savings-accounts/na…
I was very excited but apparently they don't offer that rate for business customers, and the money is held by a company :-(
The closest thing they have is term deposits, which (a) lock your money up; (b) offer lower rates; and (c) pay interest on the expiry of the deposit, not month by month, which means the money doesn't compound. Sucks.Ah right, yeah that's poo.
What about Macquarie? Also no limit but they do have a history of debanking people when it suits them. Not sure if theyll cover business with their rates.
Debanking? As in "Thanks for your business, now find somewhere else?"
@Tatanga: Yeah apparently. Never banked with them but have a search in previous threads to see ppls thoughts. I dont know if it's really that prevalent.
Rabobank has always offered decent Term Deposits (same rate for SMSF) - up to 5.20% for 5 year Term, 5.05% for a year, more options available
current rates here https://www.rabobank.com.au/rates/smsf-rates/
Rabobank used to be really good. Best interest rates, great customer service and great to deal with.
Now they are really bad. Non competitive interest rates, incompetent customer service and frustrating to deal with.I have banked with them since 2010. Yes the rates have been better (the best at times) but have no complaints otherwise. Easy to contact via secure messsage & a call to their 1-800 support line does not take long to answer or provide quick response/resolution. They are reluctant to change or improve anything but otherwise OK.
AMP is still offerring 5.45% for 1 Year (since 17th July), Judobank reduced their equivalent rate to 5.35%, ME Bank also has a 1Y TD at 5.20%
Great Southern Bank is now offering a 5.25% 1 Year TD (5.35% if you are 55 or over) - TD rates keep changing on a daily basis
Just did some research. Judo is paying the most