This comes following G&C Mutual Bank last week increasing its 1-year term deposit rate by 35 basis points to 3.60% p.a.

Judo Bank's increase of 10 basis points pushes its 1-year term deposit rate to 3.65% p.a., pipping G&C Mutual Bank by 0.05%. 

To achieve this rate, customers are required to deposit a minimum of $1,000 with interest paid annually. 

Of the larger banks, Macquarie Bank also increased its 1-year term deposit rate to 3.50% p.a. requiring a minimum deposit of $5,000 with interest paid annually. 

Spotlight remains on customer-owned banks

A number of customer-owned banks have continued to increase deposit rates over the past week, offering an attractive alternative to major banks and some savings accounts. 

Customer Owner Banking Association CEO Michael Lawrence said a range of factors influence rate decisions by customer-owned banks, including having to carefully balance the needs of borrowers and depositors to give all a fair deal. 

"What isn’t required is the need to squeeze borrowers and depositors to pay dividends to shareholders," Mr Lawrence told Savings.com.au.

“As entities owned by their members, customer-owned banks reinvest profits to deliver better products and services and support the communities within which they exist.”

Bank Australia

Bank Australia increased a number of term deposit rates by up to 50 basis points.

Term deposits with Bank Australia require a minimum deposit of $500 with interest paid at the end of term. 

Highlights of Bank Australia's increases include:

  • 9-month term deposit, paid at the end of term: 50 basis point increase to 2.75% p.a.
  • 12-month term deposit, paid at the end of term: 25 basis point increase to 3.25% p.a. 

Horizon Bank

Horizon Bank increased term deposit rates by up to 40 basis points this week across its 12-month term deposit products.

Horizon Bank term deposits require a minimum deposit of $5,000 with interest paid annually or monthly.

Highlights of Horizon Bank's increases include:

  • 12-month term deposit, paid annually: 40 basis point increase to 3.00% p.a. 
  • 12-month term deposit, paid monthly: 40 basis point increase to 2.90% p.a. 

Australian Mutual Bank

On Friday, Australian Mutual Bank increased term deposit rates by up to 40 basis points. 

Term deposits with Australian Mutual Bank require a minimum $5,000 deposit with interest paid at the end of term.

Highlights of these increases include:

  • 6-month term deposit, paid end of term: 30 basis point increase to 2.00% p.a.
  • 12-month term deposit, paid end of term: 40 basis point increase to 2.50% p.a.