Today, Judo Bank made a number of changes to its term deposit product suite, with some rates increased by up to 40 basis points to as high as 1.60% p.a. 

AMP meanwhile increased its AMP Saver Account interest rate by 40 basis points, with interest rates as high as 1.25% p.a for certain customers. 

Below are summaries of these changes: 


Looking for a good term deposit? The table below displays some of the highest term deposit interest rates available for a 6-month term.

Provider

At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
  • Easy online application
  • Interest can be paid to other institutions
  • Maturity alert by email and phone

Term Deposit - 6 months

  • Easy online application
  • Interest can be paid to other institutions
  • Maturity alert by email and phone
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
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$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000$product[$field["value"]]$product[$field["value"]]More details

    Term Investment ($25k-$100k) - 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

        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"]]25000031$product[$field["value"]]$product[$field["value"]]More details

          Term Deposit ($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

              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

                Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]More details

                Term Deposit ($10000+) - 6 months

                  Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]More details

                  Term Deposit - 6 months

                    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50007$product[$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 - 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

                          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, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500000$product[$field["value"]]$product[$field["value"]]More details

                            Fixed Term Deposit ($500000+) - 6 months

                              At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10007$product[$field["value"]]$product[$field["value"]]More details

                              Term Deposit ($1k-$1m) - 6 months

                                At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]250000$product[$field["value"]]$product[$field["value"]]More details

                                Fixed Term Deposit ($250000-$500000) - 6 months

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

                                  Term Deposit ($500-$19999) - 6 months

                                    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500000$product[$field["value"]]$product[$field["value"]]More details

                                    Term Deposit ($500,000-$1,000,000) - 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 April 14, 2024. View disclaimer.

                                      Judo term deposit changes 

                                      Judo today increased a number of its deposit rates by as much as 40 basis points, while also lowering some by 4 basis points. 

                                      The 40 basis point increases apply to several products, but the main attraction is its five-year deposit which saw its interest rate increased from 1.20% p.a to 1.60% p.a, paid at maturity.  

                                      Judo's four-year deposit also saw interest rates increased by 30 basis points to as high as 1.40% p.a. 

                                      Savings.com.au recently spoke to Judo about how it is able to offer interest rates that are much higher than its competitors.

                                      Judo’s General Manager of Deposits Patrick Nolan said its rates were higher due to most of its funding coming from business lending, which charges higher interest rates.

                                      “Judo’s term deposit rates are consistent with and support our core business of SME lending, which is focused on providing small business loans with long term funding," Mr Nolan said. 

                                      “With deposit interest rates falling across the board, Judo’s long-term deposits are attractive because customers can lock in today’s rates over the long-term.”

                                      For five-year term deposits, Judo's 1.60% p.a. rate is now 20 basis points higher than the next highest on offer: 1.40% p.a via ME Bank, which recently raised deposit rates by as much as 60 basis points. 

                                      A broader sweep of the market shows the average five-year deposit rate is roughly 0.50% p.a, less than a third of that offered by Judo. 

                                      Across all terms, the average term deposit rate is just 0.43% p.a, but Judo could offer an alternative to such low returns. 

                                      “Judo prides itself on having market-leading rates, and we will continue offering great returns to customers now and into the future,” Mr Nolan said.

                                      AMP savings account changes 

                                      AMP today announced changes made to its AMP Saver Account, which has seen its total interest rate increased by 40 basis points. 

                                      This is in sharp contrast with its move to cut various term deposit rates by up to 60 basis points several weeks ago.

                                      The savings account changes, which AMP claims are designed to "provide clients with a competitive and simple solution to help them reach their financial goals faster", will offer a maximum interest rate of 1.25% pa for deposits up to $250,000. 

                                      There are different interest rate conditions for new and existing customers, with existing customers rewarded for loyalty with a higher base rate

                                      • For accounts opened from 1 April 2021, the base interest rate will be 0.10% p.a with a 1.15% p.a bonus interest rate on balances up to $250,000
                                      • For accounts opened before 1 April 2021, the base interest rate will be 0.85% p.a with a 0.40% p.a bonus rate on balances up to $250,000. However, the base interest rate falls to 0.10% p.a. on balances over $250,000.   

                                      The table below displays AMP's new interest rate, along with other savings accounts with some of the highest interest rates on the market.

                                      Provider

                                      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 $1,000 in the previous month
                                      • No account fees
                                      • Easy access to your money
                                      00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                      Life (< 30 years) (Monthly deposit)

                                        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

                                        Savings Maximiser (<$100k)

                                          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 April 14, 2024. View disclaimer.

                                          All customers need to do to earn these bonus rates is deposit $250 or more into the account each month. 

                                          “The new offer is designed to reward loyalty, especially for clients who are developing good savings habits, to help them achieve their long-term savings goals," AMP Bank’s Acting Managing Director Sean O'Malley said. 

                                          “One of the top priorities people have when looking for a good savings account is the interest rate. A higher rate can make a big difference, particularly as you deposit more money along the way.

                                          “AMP Saver provides an ongoing benefit to both new and existing customers – a competitive, simple solution to get what they’re saving for faster.”

                                          Photo by Diana Polekhina on Unsplash