A number of banks have continued their efforts to lock-away savers for a period, increasing term deposit rates this week by up to 230 basis points. 

Major banks in ANZ and NAB increased term-deposit rates in line with their announcement post-RBA decision, pushing 12 month term deposit rates to 2.24% and 2.25% respectively.

The increased appetite for financial security comes as consumer confidence declined to near recessionary levels in June off the back of high inflation, rising interest rates and a contracting economy. 

Following the release of the Westpac-Melbourne Institute Consumer Confidence Index, Westpac Chief Economist Bill Evans said consumer risk aversion has intensified with more consumers nominating debt repayment or capital protected options as the wisest place for savings. 

"Safe or defensive options are now heavily favoured with a rise in the proportion of consumers nominating bank deposits and [to] pay down debt," Mr Evans said.

"Conversely, very few consumers favour riskier options; only 8% nominating real estate and 8% nominating shares."

Bank of Queensland term deposit rates increase 230 basis points

Bank of Queensland (BOQ) has increased rates across a number of monthly term deposits requiring a minimum deposit of $5,000.

  • 3 months, paid monthly: 110 basis point increase to 1.15% p.a.
  • 6 months, paid monthly: 75 basis point increase to 1.90% p.a.
  • 7 months, paid monthly: 230 basis point increase to 2.40% p.a.
  • 12 months, paid monthly: 25 basis point increase to 2.65% p.a. 

Newcastle Permanent term deposit rates increase 125 basis points

The building society has increased rates across a number of deposits requiring a minimum deposit of $1,000 ranging from three to sixty months. 

Key increases include:

  • 12 months, paid monthly: 125 basis point increase to 2.15% p.a.
  • 2 years, paid annually: 125 basis point increase to 2.30% p.a.
  • 4 years, paid annually: 105 basis point increase to 2.30% p.a.

Judo Bank term deposit rates increase 45 basis points

Judo Bank has increased rates for one year deposits requiring a minimum deposit of $1,000.

  • 1 year, paid monthly: 45 basis point increase to 3.05% p.a.
  • 1 year, paid annually: 45 basis point increase to 3.15% p.a.
  • 1 year, paid end-of-term: 45 basis point increase to 3.15% p.a.

Suncorp Bank term deposit rates increase 30 basis points

Suncorp Bank has increased rates for one year deposits requiring a minimum deposit of $5,000.

  • 1 year, paid monthly: 30 basis point increase to 2.25% p.a.
  • 1 year paid annually: 30 basis point increase to 2.30% p.a.

Great Southern Bank term deposit rates increase 80 basis points

Great Southern Bank has increased rates for a number of term deposits requiring a minimum deposit of $5,000.

  • 1 year, paid end-of-term: 80 basis point increase to 2.80% p.a.
  • 3 years, paid end-of-term: 50 basis point increase to 3.30% p.a.
  • 1 year, paid monthly: 80 basis point increase to 2.70% p.a.
  • 3 years, paid monthly: 50 basis point increase to 3.20% p.a.

People's Choice term deposit rates increase 135 basis points

The mutual bank increased rates for a number of term deposits requiring a minimum deposit of $5,000.

  • 1 year, paid annually: 135 basis point increase to 2.35% p.a.
  • 2 year, paid annually: 130 basis point increase to 2.50% p.a.
  • 3 years, paid annually: 130 basis point increase to 2.70% p.a.
  • 4 years, paid annually: 125 basis point increase to 2.70% p.a.

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Provider

At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
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Term Deposit - 6 months

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  • 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, 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

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

                                    Term Savings ($1000-$500000) - 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

                                        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 July 13, 2024. View disclaimer.

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