- Macquarie Bank joins the term deposit 5.00% p.a. club
- AMP GO launched a market-equalling top rate of 5.20% p.a. on Thursday for a 12-month deposit
- The term deposit market has been in overdrive in the current cash rate upcycle
Macquarie Bank is the first of Australia's big banks to offer a term deposit rate with a 'five' in front in the current upcycle.
Macquarie's rates are consistently higher than the big four's and Australia's 'fifth bank' has been nudging them higher over recent weeks to maintain its notable gap.
Macquarie is offering 5.00% p.a. on a one-year deposit of between $5,000 and $1 million with interest paid end of term.
It falls short of the highest one-year rates on the market, routinely offered by smaller deposit takers, but should tick the boxes of those who prefer more 'established' institutions with their money.
It's considerably higher than Commonwealth Bank's limited time term deposit special offer of 4.80% p.a. for 12 months, launched on Wednesday.
That's available on deposit amounts between $5,000 and $5 million with interest paid annually.
AMP GO goes big - again
But the big bank rates are being blown out of the water by the smaller market players.
AMP's online-only bank AMP GO announced a new 5.20% p.a. rate for a 12-month deposit on Thursday, equalling the market's top rate, according to the Savings.com.au database.
That stake was claimed by the micro Judo Bank on Wednesday for a shorter-term five-month deposit as well as Great Southern Bank with its 12-month rate for customers aged 55 and over depositing amounts over $5,000 with interest paid end of term.
AMP Bank is no slouch in the 12-month space either, announced a new 5.15% p.a. rate on Thursday, albeit for higher deposit amounts between $25,000 and $10 million.
The term deposit market has been in overdrive for most of 2026 as interest rates once again reflected an upcycle after the brief downcycle interlude of 2025.
With many market analysts predicting another Reserve Bank cash rate increase in May, it seems the jostling will likely continue for some time yet.
Depositors could benefit from keeping this in mind before parking their cash.
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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 six-month 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 | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.35% p.a. | At Maturity | 6 months | $5,000 | $19,999 | – | – | |||||||||||||
5.20% p.a. | At Maturity | 6 months | $10,000 | $5,000,000 | – | – | |||||||||||||
5.15% p.a. | At Maturity | 6 months | $1,000 | $1,000,000 | – | – |
