The highest available rate on the Platinum Plus is now 5.30% p.a, for one year terms with interest paid at maturity. 

Customers can also receive their earnings each month in exchange for a 5.20% p.a rate, which is the highest rate available on regular term deposits at GSB.

Deposits start at $5,000 and go all the way up to $99,999,999.

To be eligible, the account owner must be over 55 years old, or the deposit must be owned by a super fund or trust where the trustee is over 55.

Depositing the minimum $5,000 would mean a $265 interest payment once the term concludes, subject to taxation.

Platinum Plus rates also apply on products with longer terms, but the next best rate is currently 4.50% p.a on two year terms, so there's a bit of a drop off.

The 5.30% return is well above the current rate on offer from National Seniors Australia, where one year term deposits currently have a 5.00% p.a return for interest paid on maturity.

GSB pivots to term deposits

This week also saw GSB boost rates on regular term deposits, now offering a market leading 5.20% p.a return on six month, nine month and one year products.

Last week, the CPI print for the three months to March showed inflation is proving stickier than forecast, and many have taken these numbers as an indicator the cash rate will remain higher for longer.

While not great news for mortgage holders, the flip side of high rates is better returns on deposit products, so there are likely plenty of Aussies out there who are secretly hoping rates stay high for an extended period.

Economist Warren Hogan said earlier this week the RBA may need up to three more rate increases to effectively combat price rises.

"Ultimately, it looks like we may need to get that cash rate up to around 5[%]," he told the Savings Tip Jar podcast.

Picture by Jack Finnigan on Unsplash