The European debt crisis could mean an increase in the savings accounts and term deposits rates.
The rates on online savings accounts and term deposits could be set to increase, according to one industry expert.
Nicole Pederson-McKinnon, writing for the Age, said the situation could get better for savers given that the European debt crisis is causing issues with interbank funding.
She added: "So desperate are the banks to attract cash from depositors, rather than borrow it on money markets, that they are paying us more than they would have to pay other lenders."
And she advises that people with savings and a mortgage might be better off putting their money in an offset account rather than a deposit option because individuals should receive their mortgage
interest rate.
Ms Pederson-McKinnon noted that this should be higher than savings rates no matter how large they grow to.
These comments come after John Kavanagh, writing for the publication, stated that
credit card issuers are not offering great deals like they used to on their products.
By Emma North
