Some of the biggest banks in Australia, as well as much smaller regional outfits, were among many to alter term deposit rates this week.

For the most part, rates continue to shift upwards, with a very real possibility that the RBA might increase the cash rate once again in June.

Rate changes this week varied from minor alterations to increases of up to 90 basis points, as well as new market leaders for one year and six month terms.


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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$product[$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
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) - 6 months

    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details
    • Deposits are protected up to a limit of $250,000 for each account
    • Added loyalty bonus of 0.10%

    Personal Term Deposit - 6 months

    • Deposits are protected up to a limit of $250,000 for each account
    • Added loyalty bonus of 0.10%
    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10008$product[$field["value"]]$product[$field["value"]]More details

    Online Term Deposit - 6 months

      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 February 28, 2024. View disclaimer.

      ING increases rates by up to 50 basis points

      Term length Deposit size Payment frequency Interest rate (Percentage point change)
      Three months $10,000-$5,000,000 End of term 4.15% p.a (+0.25)
      Six months $10,000-$5,000,000 End of term 4.70% p.a (+0.4)
      Eleven months $10,000-$5,000,000 End of term 4.70% p.a (+0.5)
      One year $10,000-$5,000,000 End of term 4.75% p.a (+0.15)

      ING has consistently offered some of the most competitive products available to savers throughout this high interest rate period.

      For the past couple of months, ING and BOQ have been battling it out to offer the highest rate on savings accounts, with both offering annual returns above the 5% mark.

      This week, ING boosted six month term rates to one of the highest in Australia, with 4.70% p.a interest available to savers who give their money to ING for half a year.

      ING's other term deposit products remain among the largest returns, with 4.75% p.a available for one year and 4.70% p.a for eleven months.

      Firstmac increases rates by up to 15 basis points

      Term length Deposit size Payment frequency Interest rate (Percentage point change)
      Six months $5,000-$5,000,000 End of term 4.75% p.a (+0.1)
      One year $5,000-$5,000,000 End of term 4.85% p.a (+0.05)

      Firstmac announced this week market leading rates (according to Savings.com.au's market research) for both six month and one year term deposit products.

      Both products are 5 basis points clear of the next-highest available rates (ING for six months and Judo for one year).

      Macquarie increases rates by up to 10 basis points

      Term length Deposit size Payment frequency Interest rate (Percentage point change)
      Three months $5,000-$1,000,000 End of term 4.35% p.a (+0.05)
      Four months $5,000-$1,000,000 End of term 4.35% p.a (+0.1)
      Six months $5,000-$1,000,000 End of term 4.40% p.a (+0.1)

      Macquarie announced minor increases to its short term deposit products.

      The 10 basis point increase to six month terms is interesting given last week the bank moved rates on the same product down by 5 basis points.

      Commonwealth Bank decreases rates by up to 10 basis points

      Term length Deposit size Payment frequency Interest rate (Percentage point change)
      Five months $5,000-$1,999,999.99 End of term 3.10% p.a (-0.1)
      Nine months $5,000-$49,999.99 End of term 3.45% p.a (-0.05)
      Nine months $50,000-$1,999,999.99 End of term 3.50% p.a (-0.05)
      Ten months $5,000-$49,999.99 End of term 3.45% p.a (-0.05)
      Ten months $50,000-$1,999,999.99 End of term 3.50% p.a (-0.05)
      Eleven months $50,000-$1,999,999.99 End of term 3.55% p.a (-0.05)

      CBA was the only one of the big four banks to change term deposit rates this week, decreasing returns on some products with more eclectic term lengths.

      When you compare term deposits at CBA with those available at market-leaders like ING, the rates seem behind the eight-ball, a common theme among all of Australia's four largest banks.

      Other movers

      • Australian Military Bank increases rates by up to 50 basis points.
      • MOVE increased rates by up to 15 basis points
      • Horizon increased rates by up to 90 basis points
      • Illawarra Credit Union increased rates by up to 25 basis points
      • MyState increased rates by up to 330 basis points
      • Summerland Credit Union increased rates by up to 45 basis points
      • The Mac increased rates by up to 25 basis points
      • Australian Unity increased rates by up to 80 basis points
      • Bendigo varied rates by up to 35 basis points
      • ME varied rates by up to 60 basis points

      Picture by ING