The best rates on cash and term deposits

Co-founder of the Switzer Report
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Key points

  • Interest rate cut expectations have been revised after the release of the RBA’s minutes last week.
  • For SMSF savings accounts, UBank with its bonus rate of 3.26% paid in any month when there is no withdrawal, is the best.
  • With term deposits make sure you ask the bank about the notice they provide when your TD is set to mature, so it doesn’t automatically rollover into a new deposit of the same term at the standard rate (rather than the “headline” or “blackboard special” rate).
  • ME Bank is offering 4.0% for a 5 year term deposit!

 

The Reserve Bank did its bit to hose down speculation of another imminent interest rate cut when it released the Minutes of its February board meeting last Tuesday. Describing the deliberations of the board in assessing whether to cut interest rates, it said in typical central bank language:

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