ratecity

The average annual interest rate on banks’ one- and three- year term deposits has risen to 3.2 per cent from 0.25 per cent over the past year. With markets expecting the official cash rate to peak soon, savers looking to lock in attractive rates will find the best deals with smaller, newer banks, analysts say.

As the RBA’s rate hiking campaign appears to approach its peak, investors looking to lock in term deposits should shop around to find the best rates, analysts say, warning that the complacent risk missing out.

There are a range of factors that will determine the fees a member will pay. The difference could have a dramatic effect on the final balance of a retiree’s nest egg.