The new rate from Credit Union SA becomes the market-leader in the one-year deposit space based on Savings.com.au market research, pipping Judo Bank and Teachers Mutual Bank by 0.05% p.a.
It should be noted that Teachers Mutual's product is for an 11-month term.
To receive Credit Union SA's top rate, customers are required to deposit a minimum of $5,000 with interest paid at the end of the term.
Despite this 25 basis point (0.25%) increase, Credit Union SA’s largest lift this week was for its three-month deposit, increasing 240 basis points to 3.10% p.a.
Bank of Sydney increases term deposits by up to 0.55%
Bank of Sydney has increased term deposit rates this week by up to 55 basis points to break into the 4% p.a. one-year deposit club.
Increasing by 25 basis points, Bank of Sydney’s online term deposit now offers a 4.00% p.a. rate for customers with a minimum deposit of $1,000.
Interest is paid at the end of term across Bank of Sydney’s online term deposit products.
AMP Bank varies term deposits by up to 0.40%
AMP Bank increased deposit rates this week across short-term deposits, ranging from five to 10-months.
Leading the charge was AMP’s 10-month deposit, increasing by 40 basis points to offer a rate of 3.70% p.a. for customers with a minimum deposit of $5,000.
Interest across AMP’s range of short-term deposits is paid at the end of term.
AMP also made the decision to take a sword to its longer-term offerings of 4 and 5-years, decreasing these deposits by 30 basis points.
This marks the second week of cuts for AMP across some of its term deposit offerings, having previously decreased its 18-month term deposits last week by 20 basis points.
The decreases saw AMP’s four and five-year deposits requiring a minimum of $5,000 both cut to 4.55% p.a. and 4.65% p.a. respectively - if savers have a minimum deposit of $25,000.
Alongside this decrease, AMP made the decision to permanently scrap one and two month term deposits from 29 November, ceasing new applications for these products.
The bank notes customers who currently hold these products will not be affected, including those with existing maturity instructions to rollover to one-month or two-month terms.
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Looking to earn a fixed interest rate on your savings? The table below features term deposits with some of the highest interest rates on the market for one-year.
Provider | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Personal Term Deposit - 12 months (Annually) | |||||||||||||
| Annually, At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit ($1000+) - 12 months | |||||||||||||
| At Maturity, Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | 1 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit - 1 Year | |||||||||||||
| Annually, At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit ($1000-$500001) - 12 months | |||||||||||||
| Annually, At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit - 12 months | |||||||||||||
Image by Micheile Dot Com via Unsplash
Harry O'Sullivan
William Jolly
