Macquarie Bank follows CommBank, NAB, and ANZ in raising term deposit rates over the past two weeks.
But Macquarie's best rate of 4.10% p.a. for three-, four-, and six-month terms is higher than the top rate of 4.00% p.a. being offered by its big bank rivals.
Here are Macquarie's new term deposit offerings:
| Term | Rate (Change) % | Deposit amount | Payment frequency |
| 3 months | 4.10% p.a. (+0.20) | $5,000-$1m | End of term |
| 4 months | 4.10% p.a. (+0.20) | $5,000-$1m | End of term |
| 6 months | 4.10% p.a. (+0.25) | $5,000-$1m | End of term |
| 9 months | 4.05% p.a. (+0.25) | $5,000-$1m | End of term |
| 1 year | 4.00% p.a. (+0.30) | $5,000-$1m | End of term |
| 3 months | 3.90% p.a. (+0.20) | $1,000,001 - $9,999,999 | End of term |
| 4 months | 3.85% p.a. (+0.20) | $1,000,001 - $9,999,999 | End of term |
| 6 months | 3.85% p.a. (+0.25) | $1,000,001 - $9,999,999 | End of term |
| 9 months | 3.85% p.a. (+0.25) | $1,000,001 - $9,999,999 | End of term |
| 1 year | 3.75% p.a. (+0.30) | $1,000,001 - $9,999,999 | Annually |
It's notable Macquarie has reserved its biggest increase for its 12-month rate, matching CommBank's limited time special offer of 4.00% p.a. available on balances of $5,000 - $1,999,999 invested for a year.
NAB is also offering 4.00% p.a. on balances $5,000 and over invested for 12 months with interest paid annually.
NAB's rate drops to 3.95% p.a. for those choosing monthly interest payments while CommBank's drops to 3.60% p.a.
Meantime, ANZ is offering 4.00% p.a. for an eight-month term on the same investment balance.
Term deposit rates back on the up
The bigger banks are leading a general market movement to adjust shorter-term rates higher in the wake of the Reserve Bank decision on Melbourne Cup day to keep the 3.6% cash rate on hold.
Economists from both CommBank and NAB are not expecting cuts anytime soon, perhaps not for the entire 2026 calendar year.
Some analysts, such as HSBC's Paul Bloxham, are even predicting the next RBA rate movement may be upwards.
The highest term rate on the Savings.com.au data base is currently 4.40% p.a. offered by perennial term deposit top rate contender Judo Bank.
It's offering the market-leading rate on balances between $1,000-$2m invested for eight months with interest paid end of term, or 4.30% p.a. for interest paid monthly.
Macquarie growing deposit market share
Macquarie's latest term deposit rate hike follows a move in early November to cut its shortest-term rates by 0.10%.
It should be noted that none of Macquarie's term deposit rates are as high as its ongoing savings account rate of 4.25% p.a. on balances up to $2 million.
This rate applies after a variable rate four-month welcome rate of 4.60% p.a. on balances up to $250,000.
See also: The different types of savings account interest rates
The latest banking data from APRA reveals Macquarie's deposit book continues to see robust growth, breaking through the $90 billion mark for the first time in September.
It was the third month in a row the bank grew its deposits by more than 3%, taking its overall share of the Australian deposit market to 5.5%.
Macquarie's deposits have increased 36.5% over the past 12 months, largely driven by its popular no-conditions savings product.
See also: Quick Guide to Macquarie Savings Account 2025
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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 | – | – |
