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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