The Australian Prudential Regulation Authority (APRA) quarterly authorised deposit-taking institution (ADI) statistics to June 2020 show a massive spike in bank deposits since March. 

From March to June, when pandemic fears were at its peak, household deposits (household cash in term deposits, savings accounts etc.) rose by 6.4%, or $64 billion, indicating a stockpiling of cash. 

Over this same period, the household savings rate increased from 6% in the March quarter to 19.8% in the June quarter, the largest single increase in the history of the series.

Looking for a place to store cash? Below are a handful of 6-month term deposits with some of the highest interest rates in the market.

Provider

Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50007$product[$field["value"]]$product[$field["value"]]More details
  • Interest calculated daily and paid at end of term
  • Monthly interest available for terms over 12 months
  • For deposit amounts $5,000 - $2,000,000

Term Deposit - 6 Months

  • Interest calculated daily and paid at end of term
  • Monthly interest available for terms over 12 months
  • For deposit amounts $5,000 - $2,000,000
At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
  • Guaranteed rate of return
  • Manage your term deposit online
  • Choose your own term - Options range from one month to five years

Term Deposit - 6 months

  • Guaranteed rate of return
  • Manage your term deposit online
  • Choose your own term - Options range from one month to five years
At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

Term Deposit - 6 months

    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

    Term Deposit ($1000-$500001) - 6 months

      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10008$product[$field["value"]]$product[$field["value"]]More details

      Online Term Deposit - 6 months

        At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details
        • Deposits are protected up to a limit of $250,000 for each account
        • Added loyalty bonus of 0.10%

        Personal Term Deposit - 6 months

        • Deposits are protected up to a limit of $250,000 for each account
        • Added loyalty bonus of 0.10%
        At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit ($25k-$5m) - 6 months

          At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100000$product[$field["value"]]$product[$field["value"]]More details

          Term Investment ($100k-$200k) - 6 months

            At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50031$product[$field["value"]]$product[$field["value"]]More details

            Term Deposit ($500 - $1mn) - 6 months

              Annually, Semi-Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

              Term Deposit - 6 months

                At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                Term Deposit ($5k-$25k) - 6 months

                  Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                  Term Deposit ($1000+) - 6 months

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

                    Term Investment ($5k-$25k) - 6 months

                      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                      Term Deposit ($5k-$500k) - 6 months

                        Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000031$product[$field["value"]]$product[$field["value"]]More details

                        Term Deposit ($250k+) - 6 Months

                          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                          Term Deposit ($5000-$999999) - 6 months

                            Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                            Term Deposit (> $1000) - 6 months

                              At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                              TDs Premier Investment ($5k - $250k) - 6 months

                                At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                                Term Deposit ($1000+) - 6 months

                                  At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                  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 June 15, 2024. View disclaimer.

                                    Amid the huge number of Aussies putting more money in their bank accounts, deposit and savings rates have continued to decline in September, as they have done previously

                                    Term deposit rate changes 

                                    A large number of banks have continued to cut deposit rates throughout September, with a few increases scattered here and there. 

                                    As of August 2020, the average term deposit rate across all terms was just 0.75% p.a, with no single term above 1% p.a on average. 

                                    This average has fallen slightly to 0.73% p.a in September. 

                                    The most high profile deposit rate change this month is that of ANZ, which cut various deposit rates by up to 45 basis points, while increasing others by up to 25. 

                                    Westpac (as well as its subsidiary banks St. George, BankSA and Bank of Melbourne) also cut numerous term deposit rates by up to 15 basis points. 

                                    ANZ generally has the lowest rates among the big 4's term deposits, according to the table below. 

                                    Provider

                                    At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                    Term Deposit Special ($5,000 - $1,999,999) - 11

                                      Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                      Advance Notice Term Deposit - 12 months

                                        Monthly, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                        Term Deposit special ($5,000 to $5,000,000) (interest paid at maturity)

                                          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                          Term Deposit ($5000-$499999) - 12 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 June 15, 2024. View disclaimer.

                                            Other key term deposit rate changes to occur in September include:

                                            • Judo Bank: Decreased term deposit rates by up to 10 basis points
                                            • BOQ: Decreased term deposits by as many as 10 basis points
                                            • UniBank, Teachers Mutual Bank: Decreased term deposit rates by up to 35 basis points 
                                            • ME: Decreased term deposit rates by up to 10 basis points
                                            • Qudos Bank: Decreases rates by up to 0.15 basis points
                                            • Greater Bank: Decreased term deposit rates by up to 15 basis points
                                            • AMP: Decreased term deposit rates by up to 25 basis points 
                                            • RACQ: Cut term deposit rates by up to 30 basis points 

                                            The infographic below showcases how much deposit rates have changed over the last 18 months or so. 

                                            Savings account rates 

                                            While savings account rate cuts aren't as frequent as term deposits, there have still been a few significant changes over the past few weeks. 

                                            On Wednesday, Neobank Volt, which is still in the beta stage after months, cut the total interest rate on its savings account by 20 basis points from 1.65% p.a. to 1.45% p.a.

                                            Earlier in the month, the RAMS Saver account was cut again to 0.90% p.a in total, after being cut from 1.10% p.a the month before. 

                                            This is a far cry from the +3% p.a. interest rate this account had as recently as 2019. 

                                            The CUA eSaver Reward account was cut to a maximum rate of 1.45% p.a. after having a total rate of 1.70% p.a in April. 

                                            The table below features savings accounts with some of the highest non-introductory and introductory interest rates on the market.

                                            Provider

                                            4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                                            • Bonus rate for the first 4 months from account opening
                                            • No account keeping fees
                                            • No minimum balance

                                            High Interest Savings Account (< $250k)

                                            • Bonus rate for the first 4 months from account opening
                                            • No account keeping fees
                                            • No minimum balance
                                            010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                                            • Deposit at least $1,000+ each month from an external source
                                            • Make 5 or more eligible transactions
                                            • Grow your savings balance each month

                                            Savings Maximiser (<$100k)

                                            • Deposit at least $1,000+ each month from an external source
                                            • Make 5 or more eligible transactions
                                            • Grow your savings balance each month
                                            010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                                            • No account fees
                                            • Easy access to your money

                                            Saver Account (<$250k)

                                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                                            • No account fees
                                            • Easy access to your money
                                            4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                                            • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
                                            • No withdrawal notice periods or interest rate penalties

                                            Savings Account (Amounts < $250k)

                                            • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
                                            • No withdrawal notice periods or interest rate penalties
                                            05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                                            • Maximum Age - 24

                                            Goal Saver

                                            • Maximum Age - 24
                                            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                                            No monthly fees
                                            • Download the App to open your account
                                            • Get better visibility of your spending within App!
                                            • Deposit $200 per month to activate bonus interest
                                            No monthly fees

                                            Save Account

                                            • Download the App to open your account
                                            • Get better visibility of your spending within App!
                                            • Deposit $200 per month to activate bonus interest
                                            0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                                            • No fees or penalties for withdrawing money
                                            • Savings guaranteed up to $250,000
                                            • Maximise your savings and reach your goals faster with Auto-Savings

                                            Bonus Saver Account (Amounts < $250k)

                                            • No fees or penalties for withdrawing money
                                            • Savings guaranteed up to $250,000
                                            • Maximise your savings and reach your goals faster with Auto-Savings
                                            010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                                            For customers aged 14-35 years
                                            For customers aged 14-35 years

                                            Future Saver Account ( < $50k)

                                              010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                              Boost Saver

                                                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 June 15, 2024. View disclaimer.