Put the sizzle back into savings
The flipside of rising home loan repayments is better rates on savings accounts and term deposits. For example, at the time of our 2022 Best of the Best awards issue, one of our leading savings accounts for self-managed superannuation funds offered an interest rate of 0.8% a year. That has now jumped to 1.4%pa in less than a year.
That’s why it pays to shop around for the best savings rate. As at July, interest rates on savings accounts and term deposits ranged between 0.6% and 3.15%.
If you are generally happy with your bank but it only offers rates
