Many analysts now expect the RBA to increase the cash rate again, particularly after inflation crept back up again in April.

Some of the more prominent term deposit providers have already moved rates upwards though, the likes of ING and First Mac steadily increasing six month and one year term deposits over the past few weeks.

This week saw less activity among the major term deposit players and larger banks, but several regional providers chose this week to alter rates.


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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"]]10001$product[$field["value"]]$product[$field["value"]]More details
  • $1,000 minimum deposit
  • Easy online application
  • Let your money work for you

Term Deposit - 7 months

  • $1,000 minimum deposit
  • Easy online application
  • Let your money work for you
At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
  • Easy online application
  • Interest can be paid to other institutions
  • Maturity alert by email and phone

Term Deposit - 6 months

  • Easy online application
  • Interest can be paid to other institutions
  • Maturity alert by email and phone
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 ($5000-$25000)

    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50007$product[$field["value"]]$product[$field["value"]]More details

    Term Deposit - 5 Months

      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
      • $0 monthly account fee

      Term Deposit - 12 months

      • Guaranteed rate of return
      • Manage your term deposit online
      • $0 monthly account fee
      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 15, 2024. View disclaimer.

      RACQ varies rates by up to 50 basis points

      Term length Deposit size Payment frequency Interest rate (% point change)
      Three months $1,000-$99,999,999.99 End of term 4.00% p.a (+0.5)
      Six months $1,000-$99,999,999.99 End of term 4.25% p.a (+0.25)
      Eleven months $1,000-$99,999,999.99 End of term 3.50% p.a (-0.25)
      Two years $1,000-$99,999,999.99 Annually 4.20% p.a (-0.15)
      Three-Five Years $1,000-$99,999,999.99 Annually 3.95% p.a (-0.15)

      RACQ chose this week to increase rates on shorter term deposits while decreasing those on longer terms, above ten months.

      A 50 basis point increase to three month terms suggests RACQ economists might be anticipating interest rates to rise in the short term.

      However, 15 and 25 basis point reductions to longer terms could be an indicator that the bank expects rates to begin to ease in the medium term.

      Bank First increases rates by up to 20 basis points

      Term length Deposit size Payment frequency Interest rate (% point change)
      Three months $500-$99,999,999.99 End of term 4.20% p.a (+0.2)
      Six months $500-$99,999,999.99 End of term 4.50% p.a (+0.1)
      Nine months $500-$99,999,999.99 End of term 4.55% p.a (+0.05)

      Bank First was another to increase short term deposits this week, raising rates on its range of three, six and nine month products.

      Again, three month terms saw the most significant increase.

      Transport Mutual Credit Union increase special offer rates by up to 25 basis points

      Term length Deposit size Payment frequency Interest rate (% point change)
      Six months $1,000-$99,999,999.99 End of term 4.70% p.a (+0.1)
      Seven months $1,000-$99,999,999.99 End of term 4.75% p.a (+0.15)
      One year $1,000-$99,999,999.99 End of term 4.85% p.a (+0.25)

      Transport Mutual has announced boosts to its range of special offer products, including an increase to one year terms that means it offers the same rate as current market leaders Firstmac/Goldfields Money.

      These rates are available for new deposits only (from external bank accounts) and you'll need to complete an application form first.

      Macquarie increase rates by 5 basis points

      Term length Deposit size Payment frequency Interest rate (% point change)
      Three months $5,000-$1,000,000 End of term 4.40% p.a (+0.05)

      The largest bank to make moves this week was Macquarie, but you could be forgiven for missing a five basis point increase to its three month terms.

      Other movers

      • The Mutual varies rates by up to 80 basis points
      • People's Choice varies rates by up to 50 basis points
      • Credit Union SA varies rates by up to 110 basis points
      • Northern Inland CU increases rates by up to 40 basis points
      • Heritage varies rates by up to 50 basis points
      • Macquarie Credit Union increases rates by up to 65 basis points