Macquarie Bank's decision to decrease term deposit rates by up to 20 basis points (0.20%) this week comes at a time when banks continue to breach the 4% one-year rate mark in order to remain competitive. 

Macquarie Bank's one-year deposit previously offered one of the most competitive rates on the market at 4.10% p.a., competing with the likes of Judo Bank, AMP, People's Choice and Community First Credit Union. 

The 20 basis point decrease takes the one-year deposit rate of one of Australia's largest banks back below the 4% mark to 3.90% p.a. 

To receive this rate with Macquarie Bank, customers require a minimum deposit of $5,000 with interest paid annually. 

G&C Mutual Bank increases term deposits by up to 1.25%

Previously offering the highest one-year deposit rate back in August, G&C Mutual Bank has joined the ranks once more, increasing deposit rates in the past week by up to 125 basis points (1.25%). 

The mutual bank's one-year deposit rate increased 60 basis points to a rate of 4.20% p.a., requiring a minimum deposit of $1,000 and interest paid annually. 

The rate matches that of Judo Bank, who also offers a one-year deposit rate of 4.20% p.a., yet does not surpass Teachers Mutual Bank with its 11-month 4.25% p.a. rate.

For depositors looking to receive interest payments earlier, G&C Mutual Bank increased its one-year deposit rate by 60 basis points with interest paid monthly to 4.15% p.a. 

RACQ Bank increases term deposits by up to 0.60%

RACQ Bank has increased term deposit rates in the past week by up to 60 basis points (0.60%) to enter the 4% one-year term deposit club. 

Increasing its one-year deposit rate by 60 basis points, RACQ Bank customers will receive a rate of 4% p.a. with a minimum deposit of $1,000 with interest paid annually. 

Credit Union SA increases term deposits by up to 1.35% 

Credit Union SA increased term deposit rates this week by up to 135 basis points (1.35%). 

With a 20 basis point increase, the South Australian mutual bank now offers a one-year deposit rate of 4.05% p.a.

To receive this rate, Credit Union SA customers require a minimum deposit of $5,000 with interest paid at the end of term. 

Qudos Bank increases term deposits by up to 0.30% 

On Thursday, Qudos Bank increased term deposit rates by up to 30 basis points (0.30%).

Qudos Bank's one-year deposit rate increased by 20 basis points to a rate north of 4%, at 4.10% p.a. 

To receive this rate, Qudos Bank customers require a minimum deposit of $5,000 with interest paid either monthly or annually. 

Bank Australia increases term deposits by 0.25%

The mutual bank increased term deposit rates across a number of products this week by 25 basis points (0.25%)

Leading the charge was Bank Australia's one-year deposit rate, increasing to a rate of 4% p.a. 

Bank Australia offers one of the lowest deposit requirements in the term deposit market to achieve a one-year rate of 4% p.a., requiring customers to deposit a minimum of $500, with interest paid at the end of term.


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        Term Deposit ($1000-$500001) - 12 months

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          Term Deposit - 12 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 May 26, 2024. View disclaimer.

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