Prior to Judo Bank’s move this week, Teachers Mutual Bank’s 11-month term deposit for members served as the market leader based on Savings.com.au market research, offering a rate of 4.25% p.a. with interest paid annually.

To be eligible to receive the rate, customers are required to purchase a membership with Teachers Mutual Bank for $10.

Requiring no membership, on Thursday Judo Bank’s one-year term deposit rate increased by 5 basis points (0.05%) across both personal and SMSF deposits to match that of Teachers Mutual Bank.

To receive Judo Bank’s new rate across both personal and SMSF products, customers are required to deposit a minimum of $1,000 with interest paid at the end of term.

The new rate on offer by Judo Bank currently sits below Bank of Queensland's 4.35% p.a. Future Savers rate and ING’s Savings Maximiser account rate of 4.30% p.a.

For some, having savings locked away in a term deposit will provide peace of mind with a fixed interest rate.

For others, with savings accounts increasing month-on-month in line with the cash rate – and with more increases on the horizon – Aussies may prefer the flexibility of access to savings accounts.

Beyond Bank increases term deposit rates by 0.15%

Beyond Bank has increased term deposit rates this week by 15 basis points.

For those with larger deposit amounts, this increase sees the customer-owned bank reach one-year rates in the 4% range.

Customers with a minimum deposit of $50,000 or $200,000 can expect to receive a rate of 4.00% p.a. with interest paid at the end of term.

AMP varies term deposit rates by up to 0.50%

AMP has both increased and decreased term deposit rates this week by up to 50 basis points.

While the bank’s 12-month deposit rate for minimum deposit balances of $5,000 increased by 10 basis points to 4.15% p.a., AMP cut 18-month term deposit rates by 0.20%.

AMP’s 18-month term deposit rates now remain back below the 4% p.a. mark, offering a rate of 3.85% p.a. for customers with a minimum balance of $5,000.

This marks the second time in a week a major bank within the deposit space has moved to cut term deposit rates, following Macquarie Bank’s decision last week to decrease its one-year deposit rate by 0.20%.

The Mutual Bank increases term deposit rates by up to 0.40%

The Mutual Bank has increased term deposit rates this week by up to 40 basis points.

This increase sees the mutual join the 4% one-year term deposit ranks, requiring a minimum deposit of $1,000 to receive the 4.00% p.a. rate with interest paid annually.

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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 one-year term. 

Rates
Features
Conditions
Other
Provider
Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

Personal Term Deposit - 12 months (Annually)

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    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

    Term Deposit ($1000+) - 12 months

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      At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10001$product[$field["value"]]$product[$field["value"]]More details

      Term Deposit - 1 Year

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        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) - 12 months

          More details
          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

          Term Deposit - 12 months

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            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 28, 2024. View disclaimer.

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