With the interest rates in high interest accounts on the decline, is there a better place to put my money?

Q.

I am living overseas earning tax-free US dollars. I currently have $140,000 in a high interest account. With the Aussie dollar hovering around .72c I am saving approximately $10-11k per month. My savings account interest has just gone down from 6% per annum to 3.75%. Is there another investment/managed fund that I should be looking into to invest in to receive a higher return? I do not want high risk.

Interest rates in Australia are moving downwards, as they are in most western countries. The only way to get a higher safe rate is to place your money on a term deposit for at least two years but this means that you lose flexibility and will not be able to move to higher rates when the interest rate cycle turns up again.