Latest Term Deposit Rates

As you start looking at Australian term deposit providers and comparing the rates they offer on their investment terms, you will notice just about every interest rate is accompanied by an asterisk telling you that ‚Äòrates are subject to change daily’ so how can you be sure you are always comparing the latest rates, and how can you find out about the latest movements in interest rates to help you make a decision about the best term deposit account? Well you can start by taking the following advice.

How To Get The Latest Term Deposit Rates News

The term deposit providers have to leave themselves room to change their interest rates daily because there are regular movements in official rates, the rates of their competitors, and changes to the bank’s own investments and balance sheets which affect the amounts of interest they can honour on deposits. To keep in touch with the latest term deposit rates:

• Follow official interest rates. The Reserve Bank of Australia board meets on the first Tuesday of every month, except January, they’re having a Chrissy holiday then, to decide what they are going to do about official interest rates. The RBA board looks at Australians’ spending, their debt levels, the inflation rate and takes the entire economy and the world economy into account before deciding to raise interest rates, lower interest rates or keep them steady. The results of each meeting are posted on the RBA website, so on the first Tuesday of each month, check in with the RBA to see if there was any movement. FYI, check in after lunch, that’s usually the time a decision is reached.
• Sign up for news and alerts. Find a financial blogger you like and trust, or simply sign up for the finance pages of your local newspaper to be sent to you as an email newsletter and you can find out about all the trends and the talk of the major economists in the country. You will learn about investment trends, spending figures, interest rate predictions and find out what it all means to you. Some Australian term deposit providers also offer an email newsletter alerts system where you can sign up via their website to stay informed.
• Double check the latest term deposit rates before you complete an application. If you have made your comparisons of term deposit accounts and come to a decision, make sure the interest rate offered on your chosen account is the same as the one you compared when you first looked into the account. Doing a quick search and reviewing your other top choices if your chosen rate has dropped is a small price to pay, and you’ll be pay back in higher returns.

What’s The Latest On Term Deposit Rates?

So you have some new ways to stay informed about term deposit rates and some idea on how official rate rises work, but what do you need to know about term deposit rates right now? The latest on term deposit rates is:

• They are still government guaranteed. After the Global Financial Crisis, the Australian Government introduced a deposit scheme, to give Australians the security and peace of mind to continue to invest their deposits with Australian banks, rather than pulling out all of their savings and stopping their investments because of the risk the bank may fail and take their funds with it. Part of the government guarantee says that from October 2008 to October 2011 deposits up to the value of $1 million will be guaranteed by the government so even if your bank fails, your term deposit will be honoured. With over a year of the guarantee still in place, you can feel secure in making a term deposit investment with an Australian bank.
• Fixed term deposit rates are the highest. When you choose a term deposit investment you are choosing to lock away your funds for an investment term, and forgo any access, make no deposits and in return you will receive a fixed rate of interest every day of your term. Term deposit providers not only reward you with a fixed rate, but they’ll also reward you with a high rate, because your deposits strengthen their business and they want to keep you happy now and into the future.
• Variations on fixed rates are coming into vogue. If you want a term deposit that’s not a term deposit there are a number of options you can choose. Some variations of a fixed term deposit account include term deposits where you can make deposits and withdrawals without affecting your rate, others will allow you to increase your rate if the provider increases theirs during your term. The trade off for these extra features is a lower standard rate, but you are getting unique benefits you would prefer.

To compare the latest term deposit rates in the Savings Account Finder™ comparison tables which are updated whenever there is a change made to the rates or products, view the latest term deposit comparisons here. You can then follow our secure links to each provider’s website where you can start an online application and lock in your latest rate now.

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