This week, Judo Bank, Heritage Bank, Australian Unity, and more increased term deposit rates by up to 69 basis points.
Despite the cash rate being held in the Reserve Bank of Australia's latest meeting, a number of banks and lenders have continued to increase their term deposit rates.
Last week, Macquarie Bank lifted term deposit interest rates for the second time in two weeks, while Suncorp cut its term deposit rates.
As for this week, many term deposit rates have been lifted once again, but some were also cut.
Judo Bank increases term deposit rates by up to 65 basis points
Judo Bank has generally increased its personal term deposit rates on a number of its term deposit products.
A few notable rate increases included:
- Personal Term Deposit, payment end of term (4 years): 65 basis point increase to 1.85% p.a.
- Personal Term Deposit, payment end of term (5 years): 55 basis point increase to 1.95% p.a.
- Personal Term Deposit, payments monthly (4 years): 65 basis point increase to 1.75% p.a.
- Personal Term Deposit, payments monthly (3 years): 40 basis point increase to 1.45% p.a.
The bank also decreased three term deposit rates by five basis points each.
Heritage Bank varies term deposit rates
Heritage Bank also increased a number of its term deposit rates by up to 28 basis points, while cutting a few products by up to 25 basis points.
Notable rate movement included:
- Term Deposit, payment end of term (8 months): 28 basis point increase to 0.58% p.a.
- Term Deposit, payment semi-annually (8 months): 28 basis point increase to 0.53% p.a.
- Term Deposit, payment end of term (9 months): 25 basis point decrease to 0.3% p.a.
- Term Deposit, payment monthly (9 months): 25 basis point decrease to 0.25% p.a.
Australian Unity increases SMSF and personal term deposit rates by up to 69 basis points
Insurance company Australian Unity lifted its rates on personal and SMSF term deposits, with no rate cuts in sight.
SMSF term deposit rate activity included:
- SMSF Term Deposit, payment annually (3 years): 51 basis point increase to 0.95% p.a.
- SMSF Term Deposit, payment annually (4 years): 60 basis point increase to 0.95% p.a.
- SMSF Term Deposit, payment annually (5 years): 65 basis point increase to 0.95% p.a.
- SMSF Term Deposit, payment semi-annually (5 years): 69 basis point increase tot 0.94% p.a.
Personal term deposit rates were also hiked:
- Term Deposit, payment annually (36 months): 51 basis point increase to 1% p.a.
- Term Deposit, payment annually (48 months): 60 basis point increase to 1% p.a.
- Term Deposit, payment semi-annually (36 months): 51 basis point increase to 0.99% p.a.
- Term Deposit, payment semi-annually (48 months): 60 basis point increase to 0.99% p.a.
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Want 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 six-month term.
Rates based on a $50,000 deposit for 6 months. Rates correct as of June 29, 2022. View disclaimer.
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