It's been a busy period for deposit rate activity, with a number of savings account rates also getting a boost. 

However, the money seems to be on term deposits with banks preferring to lock-away customers for a set period.

That said, a statement by the Council of Financial Regulators (APRA, ASIC, RBA, Federal Treasury) released yesterday said banks have been reticent to pass on interest rate hikes in full to savings products.

"Participants noted that, given the cash rate remains at a low level, there has been much less pass-through to deposit interest rates than to lending interest rates so far. It was agreed to continue to monitor pass-through closely," the statement read.

It's important to note the major banks in CBA, NAB, ANZ and Westpac have largely increased their 12-month term deposit rates to 2.25% p.a.

Judo Bank term deposit rate increase

Judo Bank focused on products with longer terms.

For example, the five-year rate was bumped by 40 basis points to 4.25% p.a. with interest payable at end of term.

Minimum deposit is $1,000.

Other rates were increased by between 35 and 55 basis points.

See how Judo 12 month term deposit rates stack up to other banks in the table below.

Provider

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

    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, 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 May 20, 2024. View disclaimer.


                                        The following institutions make up five of the top 10 largest customer owned banks in Australia, in terms of assets held.

                                        For the purpose of brevity, one-year or 12 month term deposit rates will be the focus here.

                                        Great Southern Bank term deposit rate increase

                                        GSB increased its 12 month term deposit rate by 20 basis points to 3.00% p.a. 

                                        This carries with it a minimum deposit of $5,000, with interest payable at the end of term.

                                        Other term deposit rates were increased by between 10 and 55 basis points.

                                        Teachers Mutual Bank term deposit rate increase

                                        Teachers Mutual increased its 12 month term deposit by 40 basis points to 1.05% p.a. 

                                        Minimum deposit is $5,000 and interest can be redeemed either monthly or at the end of term.

                                        Other products' rates were increased by between 20 and 300 (3.00%) basis points.

                                        Similar rate increases also apply to its subsidiaries such as UniBank and Firefighters Mutual.

                                        Beyond Bank term deposit rate increase

                                        Beyond Bank increased its 12 month term deposit rate by one percentage point (1.00% or 100 basis points) to 1.95% p.a. with interest payable at end of term.

                                        There is a slight (10 basis point) reduction if savers opt for interest payable monthly. 

                                        This carries with it a $2,000 minimum deposit.

                                        Other products' rates were increased by between 40 and 110 basis points.

                                        Heritage Bank term deposit rate increase

                                        Toowoomba-based Heritage increased the rate on its 12 month term deposit by 105 basis points to 2.05% p.a.

                                        The minimum deposit is $1,000 and interest is payable at the end of term. 

                                        There is a 10 basis point reduction (1.95% p.a.) if savers opt for interest payable quarterly.

                                        Other products' rates were increased by between 20 and 105 basis points.

                                        Bank Australia term deposit rate increase

                                        Bank Australia increased its 12 month term deposit rate by 50 basis points to 3.00% p.a.

                                        Minimum deposit is $500 and interest is payable at the end of term.

                                        Other products' rates were increased by between 30 and 150 basis points.

                                        Other customer-owned banks to increase term deposit rates over the past week include: Summerland Credit Union, MyState, G&C Mutual, Qudos Bank, Geelong Bank, Horizon Bank, Credit Union SA, MOVE Bank, The Mutual, and Northern Inland Credit Union.


                                        What about other banks?

                                        Citi

                                        Citi increased its 12 month term deposit by 50 basis points to 2.75% p.a.

                                        This has a minimum deposit of $10,000 and interest is payable at end of term.

                                        Other products' rates were increased by between 25 and 105 basis points.

                                        ME Bank

                                        ME increased its 12 month term deposit rate by 25 basis points to 3.00% p.a.

                                        Minimum deposit is $5,000 and interest is payable at the end of term. 

                                        There is a five basis point reduction if savers opt for interest payable monthly.

                                        Other products' rates were increased by between 25 and 105 basis points.

                                        Bankwest

                                        Bankwest increased its 12 month term deposit by 130 basis points to 2.30% p.a.

                                        Minimum deposit is $1,000 with interest payable at end of term.

                                        Other products' rates were increased by between 15 and 130 basis points, though a couple were decreased by 10 basis points.

                                        Bank of Sydney

                                        Bank of Sydney increased its 12 month rate by 50 basis points to 2.05% p.a. 

                                        The minimum deposit is $1,000 and interest is payable at the end of term.

                                        Other rates were increased by between 20 and 60 basis points.

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