- A new leading 12-month term deposit rate of 5% p.a. has hit the market
- The Community First Bank special offer rate is for new money amounts between $10,000 to $1 million
- It's available until 31 May or until the allocation is filled
Member-owned Community First Bank has fired the latest salvo in the battle for consumer deposits, announcing a 5.00% p.a. special rate for a 12-month term deposit.
The special offer deal is available to new money only with a minimum deposit amount between $10,000 and $1 million until 31 May - or until allocation has been reached.
Interest will be paid on maturity.
Deposits over $1 million are subject to approval with the deal open to both individual depositors and SMSFs.
It's now the highest one-year rate on the Savings.com.au database, pipping Heartland Bank's 4.93% p.a. for amounts of $10,000 or more.
Community First's move follows a run of recent market-high rates over the past week.
Term deposit rates running hot
On Monday, the Dutch-owned online Rabobank announced the first rate above 5% in the current upcycle, offering 5.10% p.a. for a five-year deposit of more than $500,000 to $2 million with interest paid annually.
Last week, merger partners G&C Mutual and Unity announced the a market-topping rate of 4.80% p.a. for six- and nine-month deposits for amounts $1,000 or more.
Earlier, Australia's 'fifth big bank' Macquarie Bank announced a one-year rate of 4.80% p.a. for a one-year term deposit, matching the best rate among the country's ten largest deposit takers.
Advertisement
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 | – | – |
