The term deposit rate hikes come off the back of the recent RBA decision to hold the cash rate at 0.10% for April.

As it stands currently, three of the big four expect the first cash rate hike to come in June, while Westpac still predicts the first hike to come in August.

Fixed interest rates have generally been rising across the board for both fixed-rate home loans as well as term deposits.

However, variable rates have been falling which generally affects savings accounts and variable home loans.

But the tides may be changing for savers as Bank of Queensland (BOQ) recently announced its 2% p.a. savings account for 14 to 35 year olds.

Digital lender 86 400 also rejigged its savings account offering this week, now allowing customers to have up to 10 savings accounts with a bonus variable rate of 1.20% p.a.

Macquarie Bank lifts interest rate to 1.85% p.a.

Macquarie Bank increased its term deposit interest rates by up to 20 basis points across a few of its offerings.

  • 3 months, end of term payment: 10 basis point hike to 0.80% p.a.
  • 6 months, end of term payment: 10 basis point hike to 1.1% p.a.
  • 9 months, end of term payment: 20 basis point hike to 1.4% p.a.
  • 1-year, annual payment: 20 basis point hike to 1.85% p.a.

Firstmac term deposit rate pushes past 2% p.a.

Firstmac hiked its term deposit rates by up to 140 basis points.

  • 12 months, end of term payment: 45 basis point increase to 1.25% p.a.
  • 24 months, end of term payment: 140 basis point increase to 2.20% p.a.

ME Bank's interest rates exceed 1% p.a.

ME Bank increased both its business and personal term deposit rates by up to 20 basis points, with a number of its products now sitting at over 1% p.a.

  • Business term deposit, 12 to 18 months, end of term payment: 20 basis point hike to 1.10% p.a.
  • Personal term deposit, 12 to 18 months, end of term payment: 20 basis point hike to 1.10% p.a.
  • Personal term deposit, 12 to 18 months, monthly payment: 20 basis point hike to 1.05% p.a.

Citi increases interest rates on 11 term deposits

Citi hiked its term deposits by 25 basis points on 11 of its products, all of which now have an interest rate of 0.65% p.a.

  • 3 months, end of term payment: 25 basis point hike to 0.65% p.a.
  • 6 months, end of term payment: 25 basis point hike to 0.65% p.a.
  • 9 months, end of term payment: 25 basis point hike to 0.65% p.a.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.


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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
  • 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

    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$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details
        • Deposits are protected up to a limit of $250,000 for each account
        • Added loyalty bonus of 0.10%

        Personal Term Deposit - 6 months

        • Deposits are protected up to a limit of $250,000 for each account
        • Added loyalty bonus of 0.10%
        At Maturity, Annually$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"]]50007$product[$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+) - 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

                                      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 24, 2024. View disclaimer.

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