Steven Thaxter- Senior Partner and Principal Adviser
Sovereign Wealth Partners
The swift repricing of cash is welcome news for savers who have been starved of interest income for years. So far, call account rates haven’t moved much but there’s been plenty of action in term deposits. Scanning the boards on 8th May I can see government guaranteed rates starting with 2’s, 3’s and even a lonely 4%! These rates are almost triple what they were just two months ago – Hallelujah!
Example deals available at 8 May 2022:
1 year 2.75% Macquarie Bank via Macquarie wrap
18 months 3.30% AMP via Australian Money Market
2 years 3.30% Macquarie Bank via Macquarie wrap
5 years 4.05% NAB via Netwealth and Judo Bank via Australian Money Market
For more discussion on the role of Term deposits as a portfolio defender, see here.
Speak to us for more information, new deals are coming to market each day.