Term Deposit – Awards
In this report we research and rate 142 term deposit products provided by 103 providers.
Term deposits continue to offer value for many customers throughout Australia, but they are nevertheless increasingly falling out of favour. Why?
As interest rates have fallen on the back of a lower official cash rate, customers appear to be viewing term deposits as a less attractive savings option, perhaps with the hope that rates will soon start to rise.
The fact that you forfeit easy access to your money when you lock in to a term deposit – you have to wait until the end of the term or face an early access fee – means that some savers stay away, preferring to be able to get hold of their cash.