- Macquarie Bank has made another hike to its term deposit rates
- Australia's 'fifth' big bank now offers a one-year rate of 4.80% p.a.
- It's the highest term deposit rate among the top ten banks
- Macquarie's six and nine month rates have also been boosted
The top term deposit rate at Macquarie is now 4.80% p.a. on one year terms, matching last week's move from ING.
That's the highest TD rate among any of the top ten banks and just 8 bps lower than Heartland Bank, currently the market leader.
Six and nine month rates at Macquarie were also boosted to 4.65% p.a., 5 bps behind ING's six month rate.
These rates apply on deposits up to $1 million, with slightly discounted returns on larger deposits.
Macquarie new term deposit rates
| Term length | Deposit size | Payment frequency | Interest rate (change) |
|---|---|---|---|
| Six months | $5,000-$1m | End of term | 4.65% p.a. (+0.05) |
| Nine months | $5,000-$1m | End of term | 4.65% p.a. (+0.05) |
| One year | $5,000-$1m | End of term | 4.80% p.a. (+0.10) |
| Six months | $1m+ | End of term | 4.60% p.a. (+0.05) |
| Nine months | $1m+ | End of term | 4.60% p.a. (+0.05) |
| One year | $1m+ | End of term | 4.65% p.a. (+0.10) |
Will short term TD rates crack 5%?
Judo Bank and Rabobank were the first TD providers to offer rates starting with a 5 in the current hiking cycle, both currently offering 5% p.a. on five-year terms (although Rabobank only offers that for deposits above $500,000).
Shorter term rates are still all in the 4s, but are increasing quickly - less than a fortnight ago Macquarie's top rate was 4.60% p.a.
Many economists feel the RBA will have to hike interest rates again at some point this year, likely pushing the cash rate back above 4%.
During the two-year period between June 2023 and May 2025 when the cash rate was last that high, term deposit rates were higher than the current levels, with the average one year rate above 4% until April 2025 according to RBA data, peaking at 4.50% in May 2024.
The highest rate in the Savings.com.au database was 5.50% p.a., briefly offered by Bank of Sydney in 2023, although the cash rate was at 4.35% at the time which most economists still suggest is unlikely to reoccur.
Nevertheless, as of January 2026, the average one year rate was 3.90%, so if it continues to look like rates will go up again TD returns may still have room to grow.
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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 | – | – |
