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Great Committee questions shared: Best interest rates for Body Corporate term deposits

Sharing great questions from our committee members and owners helps people better understand their Body Corporate.

Chairperson question:

“Thank you for providing the Macquarie Bank term deposit rates for Body Corporate term deposits as at 12 October 2022. 3.45% p.a. for a 12 month term deposit under $1 million....

Macquarie Bank's term deposit interest rate is 3.4% for 12 months under $1 million – can our Body Corporate get the higher rate of 3.8% advertised by Macquarie Bank online?

Can our Body Corporate currently open a term deposit with Judo Bank?

Is our Body Corporate’s money in a term deposit account insured by the Australian Financial Claims Scheme?

What are our Body Corporate’s obligations when investing?

The above advice is provided as general information only and is effective as at the date of this article 13 October 2022. All [personal information] has been redacted to protect privacy. The above information does not constitute legal or financial advice. Applies to Queensland bodies corporate only.

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