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When you are providing the latest and best Term Deposit rates, please note that the figures you give do not relate to money invested in a Super Fund Account. All deposits rates for Super funds are considerably less than deposits made in an individual names.
I have spent a large amount of time chasing this, with the major banks and the answer is always the same… Super funds are considered to be companies, and thus the rates offered will be less. With the recent cut to 1.75% in interest rates, you will be lucky to get 2.25 % on your money…. not good.
A: Thanks for the question.
I am surprised that the major banks won’t honour their advertised personal term deposit rates for super accounts. I have never had that experience (and I also run a SMSF with a corporate trustee), and would be really interested to know which bank is in this category. Certainly, the minor banks (such as Rabobank or ING) offer the same term deposit rates for personal customers or “business customers”.
I think you should shop around. With the $250,000 Government Guarantee on a “per name, per institution basis”, I really don’t understand why you would confine your search to the major banks.
