Term deposits with some of the highest interest rates in Australia are paying little more than the inflation rate, new research has found.
There are currently just a handful of lenders in Australia that will pay even 3.00 per cent interest for a $10,000 term deposit locked away for two years (see table below)
That is not much higher than Australia’s inflation rate of 2.1 per cent.
|Lender||Interest rate||Final total|
|Horizon Credit Union||2.90%||$10,580|
Please note that the term deposit with the highest interest rates won’t necessarily be the best term deposit for your situation.