Save $709 by locking in your savings rate I Dollar Saver tip #95
Save: Up to $709
Tip overview
As we mentioned last week, savings rates are currently pretty good.
But if the cash rate drops, so does the interest rate on your savings account.
Did you know?
By using a term deposit you can lock in a higher rate even if rates drop (and the big banks have already started dropping theirs).
You can currently lock in a rate of 5% for 12 months (or 4.85% for up to 5 years), which is much higher than the 3.2% rate the average Australian gets.
After 12 months, that's an extra $709 compared to the average Australian.1
