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

At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
  • Automatic maturity rollover
  • Maturity alert by email and phone
  • Early Withdrawal Available

Term Deposit - 12 months

  • Automatic maturity rollover
  • Maturity alert by email and phone
  • Early Withdrawal Available
At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

Term Deposit ($5000+) - 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 (Annually)

      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50031$product[$field["value"]]$product[$field["value"]]More details

      Term Deposit ($500 - $1mn) - 12 months

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

        Term Deposit (Platinum Plus Club Members) - 12 months

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

          Income Plus - 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"]]500031$product[$field["value"]]$product[$field["value"]]More details

              Term Deposit ($5000-$999999) - 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"]]500031$product[$field["value"]]$product[$field["value"]]More details

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

                    Annually, Semi-Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

                    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+) - 12 months

                        Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                        Term Deposit - 12 months

                          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50031$product[$field["value"]]$product[$field["value"]]More details

                          Term Deposit ($500-$19999) - 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

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

                              TDs Premier Investment ($5k - $250k) - 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 ($100,000-$999,999) - 12 months

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

                                  Term Deposit - 12 months

                                    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

                                    Term Deposit ($1000-$499999) - 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

                                        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 February 29, 2024. View disclaimer.

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