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

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"]]5000$product[$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 October 14, 2024. View disclaimer.

            Important Information and Comparison Rate Warning

            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

            Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

            Term Deposit - 12 months

              Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

              ANZ Advance Notice Term Deposit - 12 months

                Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50000$product[$field["value"]]$product[$field["value"]]More details

                Term Deposit (>$50,000) - 12 months

                  Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

                  Term Deposit - 12 months

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

                      Term Deposit - 6 months

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

                        ANZ Advance Notice Term Deposit - 6 months

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

                          Term Deposit (<$50,000) - 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 October 14, 2024. View disclaimer.

                            Important Information and Comparison Rate Warning

                            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
                            • 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
                            • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
                            Disclosure

                            Macquarie Savings Account (<$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
                            • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
                            Disclosure
                            000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                            • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
                            • Retrace your spending steps into categories with Spending Footprint.
                            • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
                            • No monthly or international fees on any of your transactions.
                            Disclosure

                            Save Account

                            • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
                            • Retrace your spending steps into categories with Spending Footprint.
                            • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
                            • No monthly or international fees on any of your transactions.
                            Disclosure
                            400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                            • Special offer: Savings Accelerator (Kick Starter offer).
                            • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
                            • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
                            Disclosure

                            Savings Accelerator

                            • Special offer: Savings Accelerator (Kick Starter offer).
                            • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
                            • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
                            Disclosure
                            010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                            • Earn up to 5.20% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money
                            Disclosure

                            AMP Saver Account

                            • Earn up to 5.20% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money
                            Disclosure
                            010000$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
                            Disclosure

                            Savings Maximiser

                            • Deposit at least $1,000+ each month from an external source
                            • Make 5 or more eligible transactions
                            • Grow your savings balance each month
                            Disclosure
                            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 October 14, 2024. View disclaimer.

                            Important Information and Comparison Rate Warning