The year 2024 is upon us, and it looks like it could be shaping up to be a good one.

The rate of inflation is falling, as per November data released this week, and NAB economists appear to be less certain of a February cash rate hike.

In fact, they said that, if a hike were to occur, it would more likely be an attempt from the RBA board to balance inflationary risks than a reaction to an upside surprise. 

NAB is still the only big four bank actively pencilling in a cash rate hike next month.

If the cash rate has peaked, as is the view of ANZ economists, it could mean now is a good a time as ever to lock funds away in a term deposit.

The year so far has seen some notable market participants bolstering term deposit interest rates to near-market leading levels. Here are all the details. 

Westpac and subsidiaries shake up special term deposit rates 

If you’re looking for a six month term deposit, Westpac and co have upped the rates available for new term deposit holders.

The big bank upped its special offered rate for six-month deposits by 10 basis points to 4.20% p.a. in the first week of 2024. 

At the same time, however, it lowered its special offer for 12-month deposits by 10 basis points to 4.90% p.a. 

It was better news over at its subsidiaries, BankSA, Bank of Melbourne, and St George, where special term deposit rates were upped to: 

Term length

Deposit size 

Payment frequency

Interest rate (p.a.)

Six months



4.90% (+0.10%)

One year 


End of term

5.10% (+0.10%)

One year 



5.10% (+0.10%)

One year 



5.10% (+0.10%)

ANZ drops rates for Advance Notice product by 10 basis points 

Another big bank joining in on the term deposit rate shaking action is ANZ.

It cut the rates offered on its Advance Notice product with terms of 12 months to up to 24 months to a maximum of 4.90% p.a.

That rate is available for deposits with interest paid at end of term and lower rates are offered for deposits paying interest more regularly.

Credit Union SA cuts certain term deposit rates by as much as 110 basis points 

Credit Union SA joined in on the cutting action this week, dropping the rate on its three-month term deposit by 1.10% to 4.00% p.a. with interest paid end of term.

It also lowered the rate on its five and six month deposit products by 5 basis points each, bringing them to 4.00% p.a. and 4.30% p.a. respectively.

But it wasn’t all bleak at the mutual bank. 

It also hiked the interest rate on its seven month term deposit product 25 basis points to 5.05% p.a., a rate that sits within a quarter of a percentage point of the market’s leading rate for six-to-12 month deposits, according to market research.

Australian Unity increases rate for six-month deposit to 5% p.a. 

Speaking of near-market leading rates, that of Australian Unity’s six month term deposit was bolstered to 5.00% p.a. 

Right now, the highest rate available for a six month deposit is just 15 basis points higher, offered by the likes of Judo Bank and Gateway Bank.

It comes as the bank officially drops the briefly-market leading unconditional interest rate offered by its Freedom Saver account to 5.20% p.a., to the disappointment of customers.

Other movers

In previous weeks, this article would have mentioned Firstmac term deposits (issued by Goldfields Money) as among those providing market-leading six month term deposit interest rates. 

However, the institution has dropped certain term deposit interest rates twice in two weeks. 

It first slashed the rate on its 90-day, 180-day, and 12-month products to 4.90% p.a., 5.00% p.a., and 5.05% p.a. respectively, and later lowered that of its 12-month deposit again to 4.90% p.a.

BankVic also varied some of its term deposit interest rates by as much as 1.05% this week.


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. 


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
  • Choose your own term - Options range from one month to five years

Term Deposit - 6 months

  • Guaranteed rate of return
  • Manage your term deposit online
  • Choose your own term - Options range from one month to five years
At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

Term Deposit - 6 months

    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10008$product[$field["value"]]$product[$field["value"]]More details

    Online Term Deposit - 6 months

      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

      SMSF TD - 6 months (at maturity)

        Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit ($10k-$500k) - 6 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 13, 2024. View disclaimer.

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