Bank First and Beyond Bank this week announced they are the latest term deposit account providers in Australia to cross the 4% p.a. threshold for 1 year minimum term deposit accounts.

It's a savers' market at the moment in Australia, with average term deposit rates for all terms now 2.85% p.a., which is a sharp contrast to the start of 2022 when it was just 0.25% p.a.

Beyond Bank increases all term deposit rates by 0.1%

Beyond Bank this week bought all its one and two year term deposit rates up by 10 basis points, bringing several past the 4% p.a. mark.

For minimum deposits of $2,000 for a one-year term, savers can now expect a 4.05% p.a. return on their end of term payment.

Those with monthly payments will receive a 3.95% p.a. interest rate.

Term deposit accounts with larger minimum deposits ($50,000 and $200,000) now will receive a 4.10% p.a. return at the end of their one year term.

This is reduced to 4.00% p.a. for those opting for monthly payments.

Bank First increases rates by up to 0.3%

The customer owned bank was another mover this week, increasing term deposit rates by up to 30 basis points.

All six-month term deposit accounts with bank first saw a 0.15% (15 basis point) increase, moving from a 3.35% p.a. to a 3.50% p.a. return.

All one-year term deposit accounts with Bank First increased by 0.3%, to all now sit at 4.00% p.a.

Hume Bank increases rates by up to 0.5%

The biggest mover this week was Hume Bank, another customer owned institution.

Accounts with a six-month term saw rates increase by 0.3%, up to 2.00% p.a. overall returns for customers receiving payment at the end of the term and 1.90% p.a for those receiving it monthly.

For those who are seeking a one-year deposit, Hume increased its rates by 0.5%.

Customers receiving annual payments will now benefit from a 3.75% p.a. interest rate, while those on monthly payments now receive a 3.65% p.a. return.


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Provider

At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

Term Deposit - 6 months

    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000$product[$field["value"]]$product[$field["value"]]More details

    Term Deposit - 6 months

      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

      Fixed Term Deposit - 6 months

        At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

        Term Deposits - 6 months

          At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

          ME Bank Term Deposit - 6 months

            Important Information and Comparison Rate Warning

            All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 13, 2024. View disclaimer.

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