Save $709 by locking in your savings rate I Dollar Saver tip #95

Posted:
News
Copy of Members Templates - 24

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

Ask a question

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site