Weighing up whether to place savings into a term deposit or savings account has become a factor for many Aussies off the back of increases to the cash rate. 

For reference, term deposits will lock the interest rate in, guaranteeing you receive that rate for the duration of the deposit term while savings accounts offer a variable interest rate that is subject to fluctuate over time.

This week alone, Bank of Queensland (BOQ) has increased its Future Saver savings account for millennials to offer a variable rate of 4.00% p.a. 

Savvy Founder and CEO Bill Tsouvalas said that even in times of rising cost of living, paying oneself first and putting money aside is as important as ever.

“Though everything seems to be getting more expensive, now isn’t the time to stop putting money away for the future," Mr Tsouvalas said.

"When inflation is high, you should be looking for easy investment options that will protect your savings, like term deposits, savings accounts, shares and managed or indexed funds; all of which can provide a better return on investment and help you save for big ticket items such as a house deposit.”

Judo Bank increases deposit rates by up to 0.20%

Judo Bank has responded to Macquarie Bank's increase to its 1-year term deposit rate of 3.75% p.a., matching the rate with a 15 basis point increase. 

Judo Bank's 1-year deposit rate of 3.75% p.a. requires a minimum deposit of $1,000 with interest paid at the end of term. 

ME Bank increases deposit rates by up to 0.40%

ME Bank increased term deposit rates by up to 40 basis points this week, with a key highlight being its 12-month rate. 

ME's 12-month deposit rate increased by 15 basis points to 3.65% p.a. with customers requiring a minimum deposit of $5,000 with interest paid either at the end of term or annually.

Bank of us increases deposit rates by up to 1.80% 

The customer-owned Tasmanian bank increased term deposit rates this week by up to 180 basis points. 

For customers with larger savings, the bank's 12-month deposit rate requiring a minimum balance of $100,000 increased by 55 basis points to 3.60% p.a. with interest paid at the end of term.

The largest increases were seen across the bank's 8-month deposit offerings, lifting 180 basis points to 2.45% p.a. 

To receive this rate, customers are required to deposit a minimum $25,000 with interest paid at the end of term.

Teacher's Mutual Bank increases deposit rates by up to 1.20% 

On Friday, Australia's sixth-largest mutual bank increased term deposit rates by up to 120 basis points.

Key highlights include mutual bank's 12-month term deposit increasing by 120 basis points to 3.50% p.a.

Teacher's Mutual Bank term deposits require a minimum deposit of $5,000 with interest annually. 

Unibank, owned by Teacher's Mutual Bank, replicated these changes increasing rates by up to 120 basis points.


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Looking to earn a fixed interest rate on your cash? 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
  • $0 monthly account fee
  • Guaranteed rate of return
At Maturity, Monthly$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+)

      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

                                  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 July 22, 2024. View disclaimer.

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