With the 4% p.a. barrier now broken by savings offerings from BOQ and ING, depositors looking for an alternate option are crossing their fingers as one-year term deposits continue to edge closer to the mark.

In the past week, both Judo Bank and AMP lifted one-year deposit rates by up to 20 basis points to become market leaders in the one-year deposit rate space based on Savings.com.au market research.

This comes as the RBA’s latest deposit figures for September detailed the average rate of one-year deposits increased to 1.50% p.a. from 1.30% p.a. in August.

Judo Bank increases deposit rates by up to 20 basis points

Judo Bank’s increase to deposit rates this week by up to 20 basis points means the neobank retains its crown in the 12-month term deposit rate space.

It now offers a rate of 3.90% p.a. for 12-month deposits paid either annually or at end of term.

They require a minimum deposit of $1,000.

Judo Bank's increase this week sees its 12-month rate sit 240 basis points (2.40%) higher than the RBA recorded average. 

AMP increases deposit rates by up to 20 basis points

Coming in second place, AMP increased term deposit rates this week by up to 20 basis points for depositors who may have varying balances.

For those with a minimum deposit of $5,000, AMP’s 12-month deposit rate increased by 10 basis points to 3.75% p.a. paid at the end of term.

Depositors with more savings to put away ranging from $25,000 to $1,000,000, are now offered a 12-month deposit rate of 3.80% p.a. paid at the end of term.


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Looking for an alternate to savings accounts to put away some money for the future? The table below features term deposits with some of the highest interest rates on the market for a 12-month term. 

Provider

Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details
Disclosure

Online Savings Term Deposit (online) - 12 months

    Disclosure
    Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

    Term Deposit - 12 months

      Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]250000$product[$field["value"]]$product[$field["value"]]More details

      Term Deposit ($250000-$500000) - 12 months

        Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit - 12 months

          Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

          Fixed Term Deposit - 12 months

            Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

            Term Deposit - 12 months

              Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000$product[$field["value"]]$product[$field["value"]]More details

              Term Deposits ($10,000+) - 12 months

                Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50000$product[$field["value"]]$product[$field["value"]]More details

                Farm Management Deposit Account - Fixed Term ($50000-$99999) - 12 months

                  Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

                  Term Deposits - 12 months

                    Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000$product[$field["value"]]$product[$field["value"]]More details

                    Term Deposit (online) - 12 months

                      Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000[Amount: , Frequency: ]$product[$field["value"]]$product[$field["value"]]More details

                      Farm Management Deposit - 12 months

                        Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

                        SMSF Term Deposit - 12 months

                          Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

                          Personal Term Deposits - 12 months

                            Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

                            Term Deposits - 12 months

                              Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

                              Bankwest Term Deposit - 12 months

                                Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500$product[$field["value"]]$product[$field["value"]]More details

                                Term Deposit - 12 months

                                  Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]250000$product[$field["value"]]$product[$field["value"]]More details

                                  Term Deposit ($250k+) - 12 months

                                    Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

                                    Macquarie Bank Term Deposit (<$1,000,000) - 12 months

                                      Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

                                      Term Deposit - 12 months

                                        Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50000$product[$field["value"]]$product[$field["value"]]More details

                                        Term Deposit ($50000-$5000000) - 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 November 9, 2024. View disclaimer.

                                          Important Information and Comparison Rate Warning

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