There isn't yet consensus about the direction the RBA will take at next month's monetary policy meeting, so the majors and some of the other larger banks have left rates unchanged these past couple of weeks.

It's still a highly competitive market though, and there were some major rate increases this week, including a new market leader for 12 month terms.


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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.

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

    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$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

      SMSF TD - 6 months (at maturity)

        Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit ($10k-$500k) - 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 13, 2024. View disclaimer.

          Bank of Sydney increases rates by up to 45 basis points

          Term length Deposit size Payment frequency Interest rate (% point change)
          Six months $1,000-$500,000 End of term 4.55% p.a (+0.15)
          One year $1,000-$500,000 End of term 4.70% p.a (+0.35)

          Bank of Sydney headlined this week's rate moves, taking the number one spot for both six months and one year term deposits according to Savings.com.au market research.

          Last week, the bank moved level with AMP on 4.40% p.a for six month terms, but the smaller bank fired with both barrels and now sits ahead of the competition on 4.55% p.a.

          One year terms saw an even greater jump, up 35 basis points to 4.70% p.a, above AMP who offer 4.65% p.a.

          AMP also has a minimum deposit size of $25,000 to reach that rate, with customers who deposit less than this receiving 4.60% p.a.

          Bank First increases rates by up to 125 basis points

          Term length Deposit size Payment frequency Interest rate (% point change)
          Four months $500-$99,999.99 End of term 4.20% p.a (+1.25)
          Six months $500-$99,999.99 End of term 4.40% p.a (+0.10)
          One year $500-$99,999.99 End of term 4.60% p.a (+0.05)

          Bank First made aggressive moves this week, hiking up four month (120 days) terms by 125 basis points.

          Six month and one year terms also saw more modest growth, but moved up to be among the most competitive in the field.

          A 4.40% p.a interest rate for six month term deposits is level with the previous market leaders AMP, but Bank First can't claim the title after Bank of Sydney moved up to 4.55% p.a.

          The likes of Judo and Macquarie have been competing to offer customers the highest rate for term deposits, but their rates have been stagnant for weeks, suggesting a new set of contenders who are prioritising term deposits.

          Bendigo Bank increases rates by up to 285 basis points

          Term length Deposit size Payment frequency Interest rate (% point change)
          Six months $5,000-$5,000,000 End of term 3.85% p.a (+2.85)
          Six months $5,000-$5,000,000 Monthly 3.80% p.a (+2.85)
          One year $5,000-$5,000,000 End of term 4.05% p.a (+0.30)
          One year $5,000-$5,000,000 Monthly 4.00% p.a (+0.30)

          Bendigo was another big mover this week, hoisting up previously uncompetitive six month term deposit rates by a huge 285 basis points.

          This is the second time in the last few weeks Bendigo have made moves like this, hiking up four and nine month term deposit rates by large amounts at the end of March.

          These rates though continue to lag behind the market leaders like Bank First and Bank of Sydney.

          Macquarie varies rates by up to 10 basis points

          Term length Deposit size Payment frequency Interest rate (% point change)
          Three months $5,000-$1,000,000 End of term 4.10% p.a (+0.1)
          Six months $5,000-$1,000,000 End of term 4.20% p.a (-0.1)
          Nine months $5,000-$1,000,000 End of term 4.15% p.a (-0.1)
          One year $5,000-$1,000,000 End of term 4.40% p.a (-0.1)

          In more low key news, Macquarie tweaked rates slightly on its term deposit rates.

          In a common theme over the past few weeks, three month terms increased while longer terms went down.

          Most economists expect the cash rate to have started to decline towards the back end of this year, so many banks are likely to bring down longer term rates to reflect this.

          Horizon Bank decreases rates by up to 50 basis points

          Term length Deposit size Payment frequency Interest rate (% point change)
          Two years $1,000-$99,999,999.99 End of term 3.90% p.a (-0.2)
          Two years $1,000-$99,999,999.99 Monthly 3.80% p.a (-0.2)

          RACQ varies rates by up to 50 basis points

          Term length Deposit size Payment frequency Interest rate (% point change)
          Three-five months $1,000-$99,999,999.99 End of term 3.50% p.a (+0.50)
          Six months $1,000-$99,999,999.99 End of term 4.00% p.a (+0.15)
          Seven-eight months $1,000-$99,999,999.99 End of term 3.50% p.a (-0.35)
          Nine months $1,000-$99,999,999.99 End of term 4.20% p.a (+0.20)
          Ten-eleven months $1,000-$99,999,999.99 End of term 3.75% p.a (-0.25)
          One year $1,000-$99,999,999.99 End of term 4.50% p.a (+0.15)
          Three-five years $1,000-$99,999,999.99 Annually 4.10% p.a (-0.15)

          Bank Australia varies rates by up to 60 basis points

          Term length Deposit size Payment frequency Interest rate (% point change)
          Three months $500-$1,000,000 End of term 3.60% p.a (+0.05)
          Nine months $500-$1,000,000 End of term 3.60% p.a (-0.40)
          One year $500-$1,000,000 End of term 4.00% p.a (-0.20)
          Two years $500-$1,000,000 End of term 3.60% p.a (-0.60)
          Three years $500-$1,000,000 End of term 3.60% p.a (-0.40)

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