Term deposits are continuing to climb over the 1% p.a. mark as the RBA hints at a rate hike this year.

This is in line with the ongoing trend of fixed rates rising while variable rates are falling as seen with recent home loan activity.

Another example of this trend can be seen in the savings account realm, such as BOQ and Westpac slashing their youth savings account interest rates by 50 basis points each last month.

With some context out of the way, let's get into the term deposit rate movement over the past week.

RACQ Bank increases term deposits by up to 40 basis points

RACQ Bank has varied its term deposit rates, increasing a number by up to 40 basis points but also decreasing a few by up to 10 basis points.

Term deposits that saw cuts were short-term, while long-term ones saw rates increase.

Notable movement included:

  • Term Deposit (2-year term, payment annually): 40 basis point increase to 1.10% p.a.
  • Term Deposit (3-year term, payment annually): 40 basis point increase to 1.20% p.a.
  • Term Deposit (4-year term, payment annually): 40 basis point increase to 1.30% p.a.
  • Term Deposit (5-year term, payment annually): 40 basis point increase to 1.40% p.a.

ME Bank increases term deposits by up to 30 basis points

ME Bank increased a number of business and personal term deposit rates - all of which are relatively short-term - but interest rates all sit below 1% p.a.

Notable movement included:

  • Term Deposit (12 to 18 months, payment at end of term): 20 basis point increase to 0.90% p.a.
  • Term Deposit (18 to 24 months, payment monthly): 30 basis point increase to 0.95% p.a.
  • Term Deposit (12 to 18 months, payment monthly): 20 basis point increase to 0.85% p.a.
  • Business Term Deposit (18 to 24 months, payment monthly): 30 basis point increase to 0.95% p.a.

Macquarie Bank term deposits over 1.55% p.a.

Macquarie raised its term deposit rates by up to 20 basis points.

A number of its term deposits boast interest rates over 1% p.a., including:

  • Term Deposit (1-year term, payment annually) 20 basis point increase to 1.2% p.a.
  • Term Deposit (2-year term, payment annually): 20 basis point increase to 1.45% p.a.
  • Term Deposit (3-year term, payment annually): 20 basis point increase to 1.55% p.a.
  • Term Deposit (4-year term, payment annually): 20 basis point increase to 1.55% p.a.

BOQ raises rates by up to 20 basis points

BOQ also increased four of its term deposit interest rates by up to 20 basis points.

Notable movement included:

  • Term Deposit Premier Investment (7 to 8 months, payment at end of term): 20 basis point increase to 0.40% p.a.
  • Term Deposit Premier Investment (12 to 24 months, payment at end of term): 10 basis point increase to 0.70% p.a.
  • Term Deposit Premier Investment (12 to 24 months, payment monthly) 10 basis point increase to 0.60% p.a.

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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
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Term Deposit - 6 months

  • Guaranteed rate of return
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  • 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

    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) - 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, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit ($25k-$5m) - 6 months

          At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100000$product[$field["value"]]$product[$field["value"]]More details

          Term Investment ($100k-$200k) - 6 months

            At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50031$product[$field["value"]]$product[$field["value"]]More details

            Term Deposit ($500 - $1mn) - 6 months

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

              Term Deposit - 6 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) - 6 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+) - 6 months

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

                    Term Investment ($5k-$25k) - 6 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) - 6 months

                        Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000031$product[$field["value"]]$product[$field["value"]]More details

                        Term Deposit ($250k+) - 6 Months

                          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                          Term Deposit ($5000-$999999) - 6 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) - 6 months

                              At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                              TDs Premier Investment ($5k - $250k) - 6 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+) - 6 months

                                  At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                  Term Deposit - 6 months

                                    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10007$product[$field["value"]]$product[$field["value"]]More details

                                    Term Savings ($1000-$500000) - 6 months

                                      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+) - 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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