Finding one-year term deposit rates starting with a 4 is becoming more common following another week of term deposit increases, with MyState Bank, Bank of us, Heritage, ME Bank and Citi joining the club.

In-line with their responses to the RBA, CommBank and ING also increased deposit rates in the past week, yet remain out of touch with a flurry of major and mutual banks offering one-year rates of 4% or greater.

CommBank increases term deposit rates by up to 0.40%

Australia’s largest bank increased its one-year term deposit rate by 40 basis points (0.40%) to offer a rate of 3.75% p.a.

CommBank’s 3.75% p.a. rate is available for depositors with a minimum balance of $5,000 with interest paid annually.

ING increases term deposit rates by up to 0.75%

ING increased term deposit rates this week by up to 75 basis points, with its one-year rate increasing by 55 basis points (0.55%).

ING’s new one-year deposit rate of 3.80% p.a. requires a minimum deposit of $10,000 with interest paid annually.

MyState Bank increases term deposit rates by up to 0.70%

MyState Bank increased term deposit rates by up to 70 basis points this week.

This increase sees the Tasmanian mutual bank break the 4% one-year barrier for both regular and online term deposit offerings.

MyState Bank’s one-year deposit rate increased 40 basis points to 4% p.a. requiring a minimum deposit of $5,000 with interest paid at the end of term.

Bank of us increases term deposit rates by up to 0.80%

Another Tasmanian mutual bank to reach the 4% one-year deposit club this week was Bank of us, increasing its one-year rate by 40 basis points.

To receive Bank of Us' 4% p.a. rate, depositors are required to have a minimum deposit balance of $100,000 with interest paid at the end of term.

Heritage Bank increases term deposit rates by up to 0.75%

Heritage Bank increased term deposit rates this week by up to 75 basis points.

Heritage Bank’s one-year deposit rate headlined movement, increasing 60 basis points (0.60%) to crack 4%.

To receive Heritage Bank’s rate of 4% p.a. depositors require a minimum balance of $1,000 with interest paid at the end of term.

ME Bank increases term deposit rates by up to 2.00%

ME Bank increased term deposit rates by the largest amount this week for both deposit customers and businesses, by up to 200 basis points.

ME Bank’s one-year term deposit rate broke the 4% barrier, increasing by 20 basis points to 4.1% p.a.

To receive the 4.1% p.a. rate, ME Bank depositors require a minimum deposit of $5,000 with interest paid annually.

Citi Bank increases term deposit rates by up to 0.75%

NAB owned Citi Bank increased term deposit rates this week by up to 75 basis points, with its one-year rate increasing by 30 basis points (0.30%).

Citi Bank’s new one-year deposit rate of 4% p.a. requires a minimum deposit of $10,000 with interest paid annually.

People’s Choice increases term deposit rates by up to 1.05%

Having previously become the second bank to crack into the 4% one-year term deposit club, People’s Choice increased its rate further this week off the back of a 105 basis point increase to deposit rates.

People’s Choice’s one-year deposit rate increased 10 basis points to 4.10% p.a. requiring a minimum deposit of $5,000 with interest paid annually.


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Provider

At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
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Term Deposit - 12 months

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At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

Term Deposit - 12 months

    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500007$product[$field["value"]]$product[$field["value"]]More details

    Wealth Builder Term Deposit - 12 months ($50,000+)

      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)

        At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit ($25k-$5m) - 12 months

          At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10008$product[$field["value"]]$product[$field["value"]]More details

          Online Term Deposit - 12 months

            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

              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

                At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                Term Deposit ($5k-$500k) - 12 months

                  At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                  Term Deposit ($5k-$25k) - 12 months

                    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50001$product[$field["value"]]$product[$field["value"]]More details

                    Fixed Term Deposit - 12 Months ($500+)

                      At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

                      Term Deposit - 12 months (Monthly)

                        Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]More details

                        Term Deposit ($10000+) - 12 months

                          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

                            At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500000$product[$field["value"]]$product[$field["value"]]More details

                            Fixed Term Deposit ($500000+) - 12 months

                              Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                              Term Deposit ($5000+) - 12 month

                                At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2000$product[$field["value"]]$product[$field["value"]]More details

                                Term Deposit Special - 12 months

                                  Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100000031$product[$field["value"]]$product[$field["value"]]More details

                                  Term Deposit ($1,000,000-$2,000,000) - 12 months

                                    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000031$product[$field["value"]]$product[$field["value"]]More details

                                    Term Deposit ($100000+) - 12 months

                                      Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]More details

                                      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 28, 2024. View disclaimer.

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