However, as you'll see here, the RBA's November rate rise thawed out some term deposit products, giving rates the room to grow. Interest rates for deposit products, including savings accounts, generally stagnated during the five-month freeze of the cash rate between June and October 2023. The recovery we've witnessed over the past year and a half comes on the heels of the RBA's efforts to tame the beast (inflation), and has largely followed the official cash rate's upward trajectory. Term deposit rates are relatively high right now, compared to the last few years. Updated by: Jack Dona, Term Deposit writer, 1 December 2023.
Term deposits monthly snapshot: December 2023
