Term deposit rates breach 4% barrier ahead of RBA decision

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on May 03, 2022 Fact Checked
Term deposit rates breach 4% barrier ahead of RBA decision

Judo Bank increased its five-year term deposit rate by 30 basis points to 4.05% p.a.

This rate applies to interest payments made at the end of the term.

This comes after the bank made a 60 basis point increase to the same product on Thursday - it's now more than double the rate it was just six weeks ago.

Judo increased other term deposit products' rates by between 20 and 60 basis points.

Term deposit rates have been on the up recently, with AMP, Macquarie, People's Choice, and Beyond Bank all increasing term deposit rates by between 10 and 145 basis points in the past week.

While savings account rates have remained largely inert, last week Virgin Money announced an interest rate premium if savers want to lock their savings account rate.


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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 five-year term. 

Lender

Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

Personal Term Deposit - 60 months (Annually)

    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

    Term Deposit ($1000+) - 60 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) - 60 months

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

        Term Deposit ($1000+) - 60 months

          At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

          Term Deposit - 60 months

            Monthly, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

            Term Deposit ($5000-$49999) - 60 months

              Rates based on a $50,000 deposit for 5 years. Rates correct as of June 29, 2022. View disclaimer.


              Photo by Thao Le Hoang on Unsplash

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              author-avatar
              Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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