Best of the Best 2024: Best-Value Short-Term Deposits
Macquarie Bank has been named Money's Best-Value Short-Term Deposit - Bank as part of the Best of the Best awards.
How quickly things change. After reaching rock bottom just a few years ago, term deposit rates have since rocketed up to the point where savers can now lock in returns that haven't been available in years.
This resurgence is exemplified by the competitive rates being offered by our award winners.
Olivia McArdle, the head of payments and deposits at Macquarie Banking and Financial Services Group, says term deposits are an attractive option to people who are looking to have peace of mind that their money is secure and working for them to help boost their savings.
"This, coupled with the competitive fixed interest rates across Macquarie Bank's term deposits, means that we've continued to see strong interest in our offering."
With rates just shy of 5% on a variety of term lengths up to 12 months, Macquarie Bank has some of the sharpest rates around for savers looking for a place to temporarily park their funds, particularly compared with other major banks.
Customers can get started with deposits of at least $5000 and they'll have the option of receiving their interest either monthly, quarterly, half-yearly, annually or at maturity - a level of flexibility that McArdle says can be useful for some savers.
"Our focus is on giving our customers choice when it comes to managing their money, so we offer a broad range of term deposits to suit a variety of circumstances whether that's shorter-term accounts or term deposits with longer maturity dates.
"Importantly, with Macquarie's term deposits there are no start-up fees, and our customers have choice over how often they receive interest payments in order to suit their needs and overall investment strategy."
Whether term deposits stay this competitive remains to be seen, though. If the Reserve Bank lowers the cash rate in the future, or banks believe that it intends to do so, rates could begin to ease back down.
"With great rates and flexibility to choose how often customers receive interest payments, we're continuing to see that Macquarie Bank term deposits are a popular investment choice for many Australians," McArdle says.
"Once an account is opened, Macquarie term deposit customers can manage their account within Macquarie's award-winning mobile banking app. That means they can quickly and easily view their balance, the rate they are receiving, as well as the term deposit's maturity details. They can also choose whether they would like to withdraw or reinvest their funds at maturity.
"Customers can also simplify their self-managed super fund (SMSF) accounting, tax returns and end-of-year financial reporting by linking their Macquarie term deposit to their Macquarie cash management account."
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