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. 

Provider

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

Term Deposit ($1000+) - 60 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) - 60 months

      At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50001$product[$field["value"]]$product[$field["value"]]More details

      Term Deposit ($5k-$25k) - 60 months

        At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit - 60 months ($5000-$25000)

          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000031$product[$field["value"]]$product[$field["value"]]More details

          Term Deposit (Amounts > $50k) - 60 months

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

            Term Deposit - 60 months

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

              Regular Income ($5000-$1m) - 60 months

                Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000$product[$field["value"]]$product[$field["value"]]More details

                Term Deposit ($10k-$500k) - 60 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) - 60 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) - 60 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+) - 60 months

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

                        Fixed Term Deposit ($100000-$1000000) - 60 months

                          At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000$product[$field["value"]]$product[$field["value"]]More details

                          Term Deposit 60 months > $10000

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

                            Term Deposit - 60 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-$2000000) - 60 months

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

                                Term Deposit ($1k-$2000000) - 60 months

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

                                  Gold Term Deposit - 60 months

                                    Monthly, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50000$product[$field["value"]]$product[$field["value"]]More details

                                    Term Deposit ($50000+) - 60 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) - 60 months

                                        At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000031$product[$field["value"]]$product[$field["value"]]More details

                                        Term Deposits ($50k - $200k) - 60 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 December 10, 2023. View disclaimer.

                                          Photo by Becca Tapert on Unsplash





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