ME has announced it will offer a 5% p.a interest rates on one year term deposits, while Transport Mutual Credit Union is offering one as a special offer.
ME Bank announced it will be passing on a 25 basis point increase to one year term deposit products, pushing the highest available rate to 5% p.a.
This is the first time an Australian bank has offered an unconditional and ongoing 5% rate during this high rate period, and ME overtakes Judo, the previous market leaders which moved to 4.90% p.a last week.
Transport Mutual Credit Union has a special offer of a 5% p.a rate on one year products for new deposits, but savers will need to fill out an application form via email to be considered.
It's also offered only for new customers to the mutual bank.
Given current expectations that the cash rate is set for further increases, it's likely the coming weeks will see more providers with term deposit rates starting with a 5.
Current highest one year term deposit rates in Australia
Deposit size
Interest rate
ME
$5,000-$2,000,000
5.00% p.a
Transport Mutual
$1,000-$99,999,999
5.00% p.a*
Judo
$1,000-$999,999
4.90% p.a
Firstmac/Goldfields Money
$5,000-$5,000,000
4.85% p.a
AMP
$25,000-$5,000,000
4.80% p.a
*Special offer for new customers, external accounts only
ME rate changes
Rates are slightly lower for ME customers who choose to receive interest payments monthly rather than annually or at the term conclusion.
No establishment or account keeping fees apply to ME's range of term deposit products
Term length
Deposit size
Payment frequency
Interest rate (Percentage point increase)
One year-18 months
$5,000-$2,000,000
End of term
5.00% p.a (+0.25)
One year-18 months
$5,000-$2,000,000
Annually
5.00% p.a (+0.25)
One year-18 months
$5,000-$2,000,000
Monthly
4.95% p.a (+0.25)
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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.
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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 April 29, 2024. View disclaimer.
Harry O'Sullivan
Harrison Astbury
Georgia Indian
