Macquarie Bank lifts term deposit rates for the second time in as many weeks

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on January 28, 2022 Fact Checked
Macquarie Bank lifts term deposit rates for the second time in as many weeks

Macquarie lifted term deposit rates by up to a further 15 basis points in a busier-than-usual week for deposit rate movements.

Macquarie lifted interest rates on its three, six, nine and twelve-month term deposits by between 10 and 15 basis points.

This increase comes off the back of a 70 basis point increase by Macquarie on January 17 across its annual term deposit offering, up to a period of five years.

The rates across these term deposits now sit at:

  • 3 months: 0.50% p.a.
  • 6 months: 0.55% p.a.
  • 9 months: 0.55% p.a.
  • 1 year: 0.70% p.a.

These term deposit offerings from Macquarie have a minimum deposit amount of $5,000 and a maximum deposit amount of $1,000,000.

Interest across these monthly term deposits is paid out at the end of term for each, with the yearly term deposit paid out annually.

Recently, Macquarie climbed the rungs of the banking ladder knocking off Westpac to become the third-largest bank in Australia.

This rise was fuelled by a growth in market capitalisation, with Macquarie sitting at near $80 billion, overtaking members of the ‘big-four’ in Westpac and ANZ.

Suncorp cuts term deposit rates by up to 10 basis points

Suncorp headed in the opposite direction on Monday, reducing term deposit rates across its term deposit portfolio.

Suncorp offers tailored rates based on the amount of the deposit and the term, with some of these changes across Suncorp’s term deposit portfolio outlined below.

For deposits between $5,000 and $99,999.99, Suncorp’s term deposits now sit at:

  • 3 months: 0.35% p.a.
  • 6 months: 0.40% p.a.
  • 9 months: 0.50% p.a.
  • 1 year: 0.60% p.a.

For deposits between $100,000 and $999,999 Suncorp’s term deposits now sit at:

  • 3 months: 0.40% p.a.
  • 6 months: 0.45% p.a.
  • 9 months: 0.55% p.a.
  • 1 year: 0.65% p.a.

In similar fashion to Macquarie, interest across these monthly term deposits is paid out at the end of term for each, with the yearly term deposit paid out annually.


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. 

Lender

Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

Personal Term Deposit - 6 months (Annually)

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

      Term Deposit - 6 months ($10k-$250k)

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

        Edvest Term Deposit I20 ($1000-$499999) - 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 I10 ($1000-$499999) - 6 months

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

            Term Deposit ($250k+) - 6 Months

              Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]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"]]1000031$product[$field["value"]]$product[$field["value"]]More details
                FLEXIBLE INTEREST AND REPAYMENT TERMS
                • Interest can be paid to other institution
                • Automatic maturity rollover
                • Early Withdrawal Available
                FLEXIBLE INTEREST AND REPAYMENT TERMS

                Term Deposit (<$1m) - 6 months

                • Interest can be paid to other institution
                • Automatic maturity rollover
                • Early Withdrawal Available

                Rates based on a $50,000 deposit for 6 months. Rates correct as of May 26, 2022. View disclaimer.


                Image by Kristina Paukshtite via Pexels

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                Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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