Term deposit rates spill over 3% again

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on April 22, 2022 Fact Checked
Term deposit rates spill over 3% again

Judo Bank, Bendigo Bank, ME Bank, BOQ and more have recently increased their term deposit rates by up to 135 basis points.

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. 

Lender

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

Personal Term Deposit - 6 months (Annually)

    At Maturity$product[$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"]]1000031$product[$field["value"]]$product[$field["value"]]More details

      Term Deposit - 6 months ($10k-$250k)

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

        Edvest Term Deposit I20 ($1000-$499999) - 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 I10 ($1000-$499999) - 6 months

            Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]250000$product[$field["value"]]$product[$field["value"]]More details

            Term Deposit ($250k+) - 6 Months

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

              Term Deposit (> $1000) - 6 months

                Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]More details
                FLEXIBLE INTEREST AND REPAYMENT TERMS
                • Interest can be paid to other institution
                • Automatic maturity rollover
                • Early Withdrawal Available
                FLEXIBLE INTEREST AND REPAYMENT TERMS

                Term Deposit (<$1m) - 6 months

                • Interest can be paid to other institution
                • Automatic maturity rollover
                • Early Withdrawal Available

                Rates based on a $50,000 deposit for 6 months. Rates correct as of May 26, 2022. View disclaimer.


                Image by Chinh Le Duc on Unsplash

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                author-avatar
                Rachel is a Finance Journalist, and joined Savings in 2021. Coming from a background in the FinTech space, her interests include the innovation of lending technology, property, investing, and more. With a passion for educating and informing people about their finances, she hopes to increase the financial literacy of everyday Australians.

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