It's been a while since savers would have seen any deposit product hit the 3% mark, but on Thursday Judo made some changes including:
- 5 Years, End of Term Interest Payment: 100 basis point increase to 3.00% p.a.
- 5 Years, Annual Interest Payment: 100 basis point increase to 2.95% p.a.
- 5 Years, Monthly Interest Payment: 100 basis point increase to 2.90% p.a.
Term deposits with shorter timeframes were also increased by between 25 and 85 basis points.
The following rate increases apply to end of term products:
- 1 Year: 25 basis point increase to 1.50% p.a.
- 2 Years: 65 basis point increase to 2.15% p.a.
- 3 Years: 100 basis point increase to 2.60% p.a.
- 4 Years: 85 basis point increase to 2.75% p.a.
Patrick Nolan, Judo's GM for products, deposits, told Savings.com.au these are some of the highest rates offered since the bank's launch in May 2019.
"Three per cent for five years is a great investment return in the current market. We’re really proud to continue to boldly back our customers at a time when they need it most," Mr Nolan said.
Elsewhere, Macquarie Bank also increased term deposit rates. The breakdown is as follows:
- 3 Months: 5 basis point increase to 0.60% p.a.
- 6 Months: 10 basis point increase to 0.90% p.a.
- 9 Months: 30 basis point increase to 1.00% p.a.
- 1 Year: 10 basis point increase to 1.30% p.a.
This follows the bank increasing rates to deposit products with longer terms last week.
Even with term deposit rates breaching the 3% mark, amid annual headline inflation of 3.5% consumers are realistically losing 50 basis points of purchasing power.
However underlying inflation is 2.6%, implying a 'real' gain of 0.4%.
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Want to earn a fixed interest rate on your cash? The table below features term deposits with some of the highest interest rates on the market for a five-year term.
| Bank | Term Deposit | Interest Rate | Interest Frequency | Term | Automatic Rollover | Maturity Alert | Early Withdrawal Available | Minimum Deposit | Maximum Deposit | Notice Period to Withdraw | Account Keeping Fee | Online Application | Joint Application | Tags | Row Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
4.25% p.a. | Annually | 60 months | $1,000 | $1,000,000 | – | – | ||||||||||||||
3.70% p.a. | Annually | 60 months | $25,000 | $1,000,000 | – | – | ||||||||||||||
4.30% p.a. | Annually | 60 months | $1,000 | $2,000,000 | – | – | ||||||||||||||
3.50% p.a. | Annually | 60 months | $5,000 | $1,000,000 | – | – | ||||||||||||||
3.80% p.a. | Annually | 60 months | $500 | $5,000,000 | – | – | ||||||||||||||
4.00% p.a. | Annually | 60 months | $5,000 | $5,000,000 | – | – | ||||||||||||||
3.50% p.a. | Annually | 60 months | $1,000 | $9,999,999 | – | – | ||||||||||||||
4.00% p.a. | Annually | 60 months | $5,000 | $999,999 | – | – | ||||||||||||||
3.50% p.a. | Annually | 60 months | $5,000 | $49,999 | – | – | ||||||||||||||
4.00% p.a. | Annually | 60 months | $1,000 | $1,000,000 | – | – | ||||||||||||||
3.50% p.a. | Annually | 60 months | $1,000 | $1,000,000 | – | – | ||||||||||||||
3.90% p.a. | Annually | 60 months | $1,000 | $0 | – | – | ||||||||||||||
3.90% p.a. | Annually | 60 months | $5,000 | $999,999 | – | – | ||||||||||||||
3.25% p.a. | Annually | 60 months | $5,000 | $500,000 | – | – | ||||||||||||||
3.85% p.a. | Annually | 60 months | $5,000 | $5,000,000 | – | – | ||||||||||||||
3.50% p.a. | Annually | 60 months | $250,000 | $1,000,000 | – | – | ||||||||||||||
3.75% p.a. | Annually | 60 months | $1,000 | $10,000,000 | – | – | ||||||||||||||
3.80% p.a. | Annually | 60 months | $5,000 | $1,000,000 | – | – | ||||||||||||||
3.50% p.a. | Annually | 60 months | $50,000 | $199,999 | – | – | ||||||||||||||
3.65% p.a. | Annually | 60 months | $1,000 | $500,000 | – | – |
Photo by Becca Tapert on Unsplash
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