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"]]5000$product[$field["value"]]$product[$field["value"]]More details
A GREAT RATE FOR OVER 55s
  • If you are over 55 you can take advantage of special rates
  • $0 monthly account fee
  • Guaranteed rate of return
A GREAT RATE FOR OVER 55s

Term Deposit (Platinum Plus 55+) - 12 months

  • If you are over 55 you can take advantage of special rates
  • $0 monthly account fee
  • Guaranteed rate of return
Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50007$product[$field["value"]]$product[$field["value"]]More details
  • Interest calculated daily and paid at end of term
  • Monthly interest available for terms over 12 months
  • For deposit amounts $5,000 - $2,000,000

Term Deposit - 12 Months

  • Interest calculated daily and paid at end of term
  • Monthly interest available for terms over 12 months
  • For deposit amounts $5,000 - $2,000,000
At Maturity, Monthly$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, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
                      • Guaranteed rate of return
                      • Manage your term deposit online
                      • $0 monthly account fee

                      Term Deposit - 12 months

                      • Guaranteed rate of return
                      • Manage your term deposit online
                      • $0 monthly account fee
                      At Maturity, Monthly$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

                                    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 June 13, 2024. View disclaimer.

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