The 20 basis point (0.20%) increase to Judo Bank's one-year deposit rate follows Community First Credit Union and People's Choice becoming the first to break the 4% one-year term deposit barrier.

Judo Bank's 4.10% p.a. one-year deposit requires a minimum deposit of $1,000, with interest paid either annually or at the end of term. 

Those who prefer having their savings 'at call' may prefer savings accounts from Bank of Queensland at 4.10% p.a. and ING at 4.05% p.a. - two of the current leaders in the savings rate space based on Savings.com.au market research.

Further, Judo Bank's five-year deposit rate increased by 10 basis points (0.10%) to edge closer to 5%, offering a rate of 4.95% p.a. with a minimum deposit of $1,000 and interest paid at the end of term. 

AMP increases deposit rates 

AMP also increased term deposit rates this week by up to 30 basis points (0.30%). 

The 12-month rates on offer by AMP increased across a number of deposit products requiring a minimum of $5,000, $25,000 and $100,000 with interest paid at the end of term. 

For those with a minimum of $5,000, AMP's 12-month rate increased 10 basis points to 3.85% p.a. while those with $25,000 and $100,000 increased 10 basis points to 3.90% p.a. 

The one-year term deposit club

Bank % Rate Per Annum Min Deposit
Judo Bank 4.10 $1,000
Community First 4.00 $50,000
People's Choice 4.00 $5,000

Source: Savings.com.au Market Research

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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

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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 - 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 May 3, 2024. View disclaimer.

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