Keeping up with recent trends, these banks have increased interest rates on certain products, following months of falls in line with recent cuts to the cash rate. 

Despite the changes over the past fortnight, the average term deposit interest rate across the market remains around 1.40% p.a, while the average rate across the big four remains around 1.13% p.a. 

Commbank term deposit rate changes 

Commbank (CBA) has changed various term deposit rates for the third time in the last couple of months, increasing and decreasing short-term deposit rates by up to 20 basis points over the past fortnight.  

The largest changes made were 20 basis point increases to various seven-month deposits, with the bank now offering rates of 1.20% p.a. on selected products. 

Every other change made were decreases up to 10 basis points for selected terms under one-year. 

A fortnight ago, CBA cut eight-month deposit rates by 10 basis points.

NAB term deposit rate changes

NAB increased the interest rates on its seven- and eight-month term deposits by 40 basis points, giving them a new interest rate of 1.50% p.a. 

This comfortably gives NAB the highest rate among the big four for seven-month terms - the next highest is CBA's 1.50% p.a.

ANZ, however, has the highest eight-month rate at 1.60% p.a. 

NAB also cut the interest rates on its five- and six-month deposits by 25 basis points to 1.25% p.a. 

The table below displays some of the highest term deposit interest rates on offer from the big four banks.

Provider

At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

Term Deposit Special ($5,000 - $1,999,999) - 12

    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

    Advance Notice Term Deposit - 12 months

      Monthly, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

      Term Deposit special ($5,000 to $5,000,000) (interest paid at maturity)

        Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit ($5000-$499999) - 12 months

          Important Information and Comparison Rate Warning

          All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. 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 July 19, 2024. View disclaimer.

          Judo term deposit rate changes

          Judo Bank, which claims some of the highest term deposit interest rates on the market at the time of writing, last week raised rates after lowering them a couple of weeks prior. 

          Judo increased the interest rate on its one-year term by 10 basis points to 2.00% p.a, while its six- and nine-month interest rates were raised by five basis points to 1.95% p.a. 

          Judo also launched a new three-month term last week with a 1.90% p.a. interest rate (or 0.475% for the quarter). 

          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.

          Provider

          At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
          • Guaranteed rate of return
          • Manage your term deposit online
          • Choose your own term - Options range from one month to five years

          Term Deposit - 6 months

          • Guaranteed rate of return
          • Manage your term deposit online
          • Choose your own term - Options range from one month to five years
          At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

          Term Deposit - 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-$500001) - 6 months

              At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10008$product[$field["value"]]$product[$field["value"]]More details

              Online Term Deposit - 6 months

                At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

                Term Deposit ($25k-$5m) - 6 months

                  At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

                  Term Investment ($100k-$200k) - 6 months

                    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50031$product[$field["value"]]$product[$field["value"]]More details

                    Term Deposit ($500 - $1mn) - 6 months

                      Annually, Semi-Annually, At Maturity, Monthly$product[$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"]]500031$product[$field["value"]]$product[$field["value"]]More details

                        Term Deposit ($5k-$25k) - 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

                            At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                            Term Deposit ($5k-$500k) - 6 months

                              Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000031$product[$field["value"]]$product[$field["value"]]More details

                              Term Deposit ($250k+) - 6 Months

                                Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                Term Deposit ($5000-$999999) - 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

                                    At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                    TDs Premier Investment ($5k - $250k) - 6 months

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

                                      Term Deposit ($1000+) - 6 months

                                        At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                        Term Deposit - 6 months

                                          At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10007$product[$field["value"]]$product[$field["value"]]More details

                                          Term Savings ($1000-$500000) - 6 months

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

                                            Term Deposit ($10000+) - 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 - 6 months

                                                Important Information and Comparison Rate Warning

                                                All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. 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 July 19, 2024. View disclaimer.

                                                Other noteworthy term deposit changes 

                                                Other banks to change interest rates on term deposits in the past week or two include the likes of:

                                                • MyState Bank: increasing deposit rates by up to 15 basis points 
                                                • AMP: increased various term deposit rates by up to 10 basis points
                                                • bcu: decreased deposit rates by as much as 50 basis points 
                                                • Macquarie Bank: increased some deposit rates by 10 basis points 

                                                Some of these recent increases could turn out to be short-lived: the recent panic over coronavirus and the RBA's admission that the bushfires could cut Australia's economic growth by 0.2% (the virus is expected to do double that) could see another cash rate cut occur as soon as March. 

                                                Term deposit rates are closely linked to the cash rate, and a fall in the cash rate would likely see banks slash deposit rates even further.