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Small banks lead on term deposit rates as hiking cycle nears peak

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.

Nicki Bourlioufas | 28th Apr 2023 | More