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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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 six-month term. 

Update resultsUpdate
BankTerm DepositInterest Rate Interest Frequency Term Automatic Rollover Maturity Alert Early Withdrawal Available Minimum Deposit Maximum Deposit Notice Period to Withdraw Online Application Joint Application TagsFeaturesLinkCompare
5.20% p.a.
At Maturity, Annually
6 months
$5,000
$1,000,000
Featured
  • Guaranteed rate of return
  • Manage your term deposit online
  • Choose your own term - Options range from one month to five years
5.30% p.a.
At Maturity, Monthly
6 months
$25,000
$1,000,000
31 days
5.20% p.a.
Annually, At Maturity
6 months
$1,000
$500,001
31 days
5.25% p.a.
At Maturity
6 months
$1,000
$1,000,000
8 days
5.25% p.a.
At Maturity
6 months
$1,000
$1,000,000
31 days
  • Deposits are protected up to a limit of $250,000 for each account
  • Added loyalty bonus of 0.10%
5.05% p.a.
At Maturity, Annually
6 months
$25,000
$10,000,000
31 days
5.00% p.a.
At Maturity
6 months
$100,000
$200,000
5.00% p.a.
At Maturity
6 months
$500
$1,000,000
31 days
5.00% p.a.
Annually, Semi-Annually, At Maturity, Monthly
6 months
$5,000
$99,999,999
5.00% p.a.
At Maturity, Annually
6 months
$5,000
$24,999
31 days
5.00% p.a.
Annually, At Maturity
6 months
$5,000
$5,000,000
7 days
5.00% p.a.
Annually, At Maturity
6 months
$1,000
$2,000,000
31 days
More term deposits
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 . View disclaimer.

Image by Chinh Le Duc on Unsplash





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