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5 high interest savings accounts & term deposits (March 2023 review)

Australian Finance Podcast

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How to Lock in Your Rates

Bank of Melbourne is offering 4.5% on a one-year term deposit at the moment. You can make it 4.6% by adding an extra 0.1% when you open or are new online. It also incentivizes people that already have a 10 deposit with Bank of Melbourne. The risk is, as I mentioned, if inflation keeps going higher and interest rates keep going higher,. but if that does happen, you're going to be locked in at 4.4%. Meanwhile, other interest rates could go up. So this is why we always say don't go all or nothing. But don't just chuck it all in one term deposit.

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