macquarie bank interest rates term deposits

That said, customers should still shop around,” she explains. This all translates into good news for savers who, after several years of lousy returns, are now finally being offered competitive interest rates.

“It’s no coincidence that for the first time in years, the lowest home loan rates on our database are from banks, with access to deposits, rather than low-cost lenders reliance solely on wholesale funding. The cost of wholesale home loan funding has gone through the roof recently, making deposits an attractive source of funding for banks offering mortgages.” “The answer is likely to be found on the other side of the banking equation, in home loans. “The question is – why would banks be looking for more money?” Tindall says. Since the central bank began raising official interest rates in May, eight banks have raised savings rates beyond the RBA rate moves in a bid to attract new business according to RateCity research director Sally Tindall. While that was down from $149.3 billion a year earlier, we can expect more money to now be directed towards term deposits now that interest rates are finally on the rise. As at the end of March 2022, SMSFs had $147.0 billion invested in cash and term deposits.

For SMSF, the search for the best term deposit rates is important.

Macquarie bank interest rates term deposits