This follows two other large banks - ING, as well as Westpac and its subsidiaries St. George, BankSA and Bank of Melbourne - cutting deposit rates by as much as 25 basis points last week

Smaller banks, such as MyState Bank, Credit Union SA, Qudos Bank and ME Bank, also raised and lowered various rates in the past week as well. 

The term deposit rate movements come despite no change to the Reserve Bank (RBA) cash rate, with the last cash rate cut occurring in March

After inflation is taken into account, most term deposits currently offer little to no returns, with the average interest rate across all terms - based on a quick market comparison - around 1.10% p.a. That's half the rate of inflation. 

Despite this, the latest APRA (Australian Prudential Regulation Authority) banking statistics show a notable increase in deposits from households during COVID-19.

Major banks' deposit balances surged by 4% in March and another 2% in April, well above the usual growth rate of 0.3%. 

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$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
  • Easy online application
  • Interest can be paid to other institutions
  • Maturity alert by email and phone

Term Deposit - 6 months

  • Easy online application
  • Interest can be paid to other institutions
  • Maturity alert by email and phone
At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10001$product[$field["value"]]$product[$field["value"]]More details
  • $1,000 minimum deposit
  • Easy online application
  • Let your money work for you

Term Deposit - 7 months

  • $1,000 minimum deposit
  • Easy online application
  • Let your money work for you
At Maturity, Annually$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
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$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000$product[$field["value"]]$product[$field["value"]]More details

    Term Investment ($25k-$100k) - 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

        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"]]25000031$product[$field["value"]]$product[$field["value"]]More details

          Term Deposit ($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

              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, 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"]]1000031$product[$field["value"]]$product[$field["value"]]More details

                  Term Deposit - 6 months

                    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50007$product[$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 - 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, 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, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500000$product[$field["value"]]$product[$field["value"]]More details

                            Fixed Term Deposit ($500000+) - 6 months

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

                              Term Deposit ($1k-$1m) - 6 months

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

                                Fixed Term Deposit ($250000-$500000) - 6 months

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

                                  Term Deposit ($500-$19999) - 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 April 20, 2024. View disclaimer.

                                    NAB term deposit rate changes

                                    NAB cut various term deposit rates by as much as 15 basis points on Wednesday, including both regular term deposits and its Farm Management deposits. 

                                    These changes appear to apply to terms of one-year or less. 

                                    Of the term deposit rates affected, the highest is only 1% p.a.

                                    The previous big four bank to cut term deposit rates was ANZ in early June

                                    Compare high-interest term deposits

                                    Judo term deposit rate changes

                                    Neobank Judo Bank, which consistently offers term deposits that rank among Savings.com.au's list of highest term deposit rates, made some major rate changes this week.

                                    Yesterday, it cut various rates by as much as 45 basis points, for terms ranging from two years to five years. 

                                    Other changes were as small as 20 basis points. 

                                    That 45 basis point cut applies to three-year terms, down from 2.05% p.a. to 1.60% p.a.

                                    Judo's current term deposit rates can be seen below. 

                                    90-day term

                                    180 day

                                    270 day

                                    1yr

                                    2yr

                                    3yr

                                    4yr

                                    5yr

                                    Judo - Maturity

                                    1.35%

                                    1.45%

                                    1.45%

                                    1.50%

                                    1.75%

                                    1.60%

                                    1.70%

                                    1.95%

                                    Judo - Annually

                                    1.35%

                                    1.45%

                                    1.45%

                                    1.50%

                                    1.75%

                                    1.60%

                                    1.70%

                                    1.95%

                                    Judo - Monthly

                                    1.35%

                                    1.45%

                                    1.45%

                                    1.50%

                                    1.75%

                                    1.60%

                                    1.70%

                                    1.95%

                                    Source: Judo

                                    Suncorp term deposit rate changes

                                    Yesterday, Suncorp Bank both increased and decreased term deposit rates. 

                                    Some rates were decreased by as much as 30 basis points, while others were increased by as much as 10. 

                                    These changes apply to pretty much all terms ranging from three months to five years: 

                                    All of the rates affected by these changes now sit below 1.00% p.a. 

                                    AMP term deposit rate changes

                                    AMP yesterday made some major term deposit changes, cutting a variety of rates by up to 40 basis points. 

                                    This large change applies to shorter term deposits (three, four and five-months), while other changes included cuts of between 10 and 20 basis points to terms up to five years. 

                                    AMP's highest rate among the terms affected is now 1.20% p.a. 

                                    Other term deposit rate changes:

                                    • MyState bank: Cut rates by up to 45 basis points, raised others up to 40 
                                    • ME: Cut rates by up to 20 basis points, raised others by 5 
                                    • RACQ Bank: Cut rates by up to 25 basis points
                                    • Qudos Bank: Cut rates by up to 10 basis points 
                                    • Credit Union SA: Cut rates by up to 35 basis points 

                                    Keep up with the latest term deposit news and rate changes here