Judo Bank’s increase to term deposits in the 3, 6 and 9-month space this week sees the neobank join Gateway Bank offering a 6-month term deposit rate of 4% p.a. 

Gateway Bank and now Judo Bank currently offer the highest rates in the 6-month term deposit space based on Savings.com.au market research.

To receive the 6-month rate of 4% p.a. from Judo, customers are required to deposit a minimum of $1,000 with interest paid at maturity. 

These increases will also apply to Judo Bank SMSF term deposit products. 

The shake up in the 6-month term deposit space comes as deposit data published by the RBA revealed the average 6-month term deposit rate currently sits at 1.80% p.a.

Suncorp will also increase term deposit rates off the back of the RBA’s December decision, announcing a new rate of 4% p.a. for 7-month term deposits. 

Australian Unity increases term deposits by up to 1.25%

Australian Unity has increased term deposits for both retail and SMSF customers by up to 125 basis points. 

The increase sees Australian Unity offer a 12-month rate of 4.09% p.a. for retail customers and 4.05% p.a. for SMSF customers. 

Customers will require a minimum balance of $5,000 to take advantage of the deposits with interest across retail deposits paid either monthly, quarterly or semi-annually and SMSF deposits paid annually. 

Macquarie Bank varies term deposits by up to 0.25% 

Having sliced its one-year deposit rate for the first time since March last month, Macquarie Bank has struck again cutting its one-year rate by a further 10 basis points. 

This decrease sees Macquarie now offer a one-year term deposit rate of 3.80% p.a. With a minimum deposit of $5,000 and interest paid annually. 

This rate lies 10 basis points (0.10%) below Macquarie Bank’s transaction and savings accounts which are eligible to receive a rate of 3.70% p.a. on balances up to $250,000 from 16 December. 

Great Southern Bank increases term deposits by up to 0.25%

Great Southern Bank has joined the number of banks offering term deposits for one-year beginning with a 4, with rates across deposit products increasing by up to 25 basis points.

Great Southern Bank’s one-year rate will increase by 20 basis points to 4.10% p.a. requiring a minimum balance of $5,000 with interest paid at the end of term.

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Rates
Features
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Provider
Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

Personal Term Deposit - 12 months (Annually)

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

    Term Deposit ($1000+) - 12 months

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      At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10001$product[$field["value"]]$product[$field["value"]]More details

      Term Deposit - 1 Year

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        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) - 12 months

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

          Term Deposit - 12 months

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            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 27, 2024. View disclaimer.

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