Term deposit rates spill over 3% again

Over the past week, banks have continued to hike their term deposit interest rates.

Many interest rates have now risen past the 2% mark, with some sitting close to or just over 3% p.a.

Fixed interest rates on term deposits and mortgages have been consistently climbing for months ahead of an impending cash rate hike, which many economists have pencilled in for June.

Judo Bank term deposits now over 3% p.a.

Judo Bank increased its personal term deposit rates by up to 20 basis points.

Its short-term term deposits are generally between 1.25% and 2.00% p.a., while its long-term term deposits sit closer to or just over 3%.

Some notable term deposit movement includes:

• 9 months, paid end of term: 20 basis point increase to 1.40% p.a.
• 1 year, paid end of term: 10 basis point increase to 2.00% p.a.
• 5 years, paid end of term: 15 basis point increase to 3.15% p.a.
• 4 years, paid monthly: 20 basis point increase to 2.85% p.a.
• 5 years, paid monthly: 15 basis point increase to 3.05% p.a.

Bendigo Bank increases term deposits by up to 55 basis points

Bendigo Bank also increased its term deposit rate, with many now sitting just under or over 1.00% p.a.

Some notable term deposit changes include:

• 36 months, paid annually: 45 basis point increase to 1.15% p.a.
• 48 months, paid annually: 45 basis point increase to 1.15% p.a.
• 60 months, paid annually: 55 basis point increase to 1.25% p.a.
• 60 months, paid monthly: 55 basis point increase to 1.20% p.a.

ME Bank hikes term deposits by up to 90 basis points, inch closer to 3%

ME Bank increased both business term deposits and personal term deposits this week.

Many of its interest rates now sit over 2.00%, getting closer to 3.00% p.a.

Some notable personal term deposit movement includes:

• 12 to 18 months, paid end of term: 30 basis point increase to 1.40% p.a.
• 36 to 48 months, paid annually: 60 basis point increase to 2.00% p.a.
• 48 to 60 months, paid annually: 75 basis point increase to 2.25% p.a.
• 60 months, paid annually: 90 basis point increase to 2.50% p.a.
• 60 months, paid monthly: 90 basis point increase to 2.45% p.a.

BOQ increases term deposit rates by up to 135 basis points

Bank of Queensland (BOQ) increased its premier investment term deposit rates by up to 13 basis points, though none have passed the 2.00% p.a. barrier.

Some notable changes include:

• 36 to 48 months, paid annually: 135 basis point increase to 1.50% p.a.
• 48 to 60 months, paid annually: 135 basis point increase to 1.50% p.a.
• 24 to 36 months, paid annually: 125 basis point increase to 1.40% p.a.

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