With uncertainty about the direction the RBA will take in June, there was both upward and downward moves made to rates this week.

Many analysts feel the cash rate is close to or at the highest it will reach, so some banks have decided rates need to come down in anticipation.

There was still good news for savers though, with other providers hiking up rates to set new market standards.

Competition to offer the most attractive returns for one year products has driven rates continually up, and it's now looking likely that should we see the RBA make further upward moves, the highest rate for one year terms could be as high as 5%.


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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.

Update resultsUpdate
BankTerm DepositInterest Rate Interest Frequency Term Automatic Rollover Maturity Alert Early Withdrawal Available Minimum Deposit Maximum Deposit Notice Period to Withdraw Online Application Joint Application TagsFeaturesLinkCompare
5.00% p.a.
At Maturity
6 months
$5,000
$5,000,000
Featured
  • Easy online application
  • Interest can be paid to other institutions
  • Maturity alert by email and phone
5.10% p.a.
Annually, At Maturity
5 months
$5,000
$5,000,000
7 days
4.95% p.a.
At Maturity, Annually
6 months
$5,000
$1,000,000
  • Guaranteed rate of return
  • Manage your term deposit online
  • Choose your own term - Options range from one month to five years
4.85% p.a.
At Maturity
6 months
$5,000
$2,000,000
31 days
4.85% p.a.
Annually, At Maturity
6 months
$10,000
$5,000,000
31 days
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 . View disclaimer.

Judo bank increases rates by up to 10 basis points

Term length Deposit size Payment frequency Interest rate (percentage point change)
Six months $1,000-$999,999 End of term 4.65% p.a (+0.05)
Six months $1,000-$999,999 Monthly 4.55% p.a (+0.05)
One year $1,000-$999,999 End of term 4.80% p.a (+0.05)
One year $1,000-$999,999 Monthly 4.70% p.a (+0.05)

Throughout the past few months, Judo Bank has consistently been among the providers offering the highest rates for six month and one year term deposits.

This week, the neobank established its position as the market leader for both, with a 4.65% p.a return available on six month terms and 4.80% p.a for customers willing to put their money away for a year.

Earlier this week, fellow neobank Alex Bank announced it will begin offering term deposit products but they are currently waitlisted.

Firstmac increases rates by up to 15 basis points

Term length Deposit size Payment frequency Interest rate (percentage point change)
Two months $5,000-$5,000,000 End of term 3.70% p.a (+0.05)
Three months $5,000-$5,000,000 End of term 4.35% p.a (+0.15)
Six months $5,000-$5,000,000 End of term 4.65% p.a (+0.05)
One year $5,000-$5,000,000 End of term 4.80% p.a (+0.15)

Macquarie decreases rates by 5 basis points

Term length Deposit size Payment frequency Interest rate (percentage point change)
Six months $5,000-$1,000,000 End of term 4.30% p.a (-0.05)

The biggest bank to make moves this week was Macquarie, lowering six month terms by five basis points.

Only two weeks ago, Macquarie increased six month rates by 25 basis points.

Other movers

  • Hume varied rates by up to 30 basis points
  • Great Southern Bank decreased rates by up to 30 basis points
  • Bank Australia decreased rates by up to 40 basis points
  • Summerland Credit Union decreased rates by up to 25 basis points
  • Beyond Bank increased rates by up to 25 basis points
  • Newcastle Permanent increased rates by up to 25 basis points
  • Greater Bank increased rates by up to 25 basis points
  • Australian Mutual increased rates by up to 25 basis points

Picture by RDNE on Pexels





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