With the RBA cash rate meeting on the horizon, banks have once again raised term deposit rates

The RBA is tipped to raise the cash rate for the second consecutive month at next week's meeting. 

The consensus seems to be a 25 basis point hike, however after stronger-than-expected GDP growth, Westpac chief economist Bill Evans has pencilled in a 40 basis point hike.

Term deposit rates have climbed strongly in recent months, and with more cash rate hikes potentially on the horizon, this trend could continue. 

ME Bank increases term deposits by up to 50 basis points

  • 6 months, paid end of term: increased 40 basis points to 1.50% p.a.
  • 9 months, paid end of term: increased 50 basis points to 1.75% p.a.
  • 18 months, paid annually: increased 30 basis points to 2.30% p.a.
  • 2 years, paid annually: increased 25 basis points to 2.75% p.a.

MOVE Bank increases fixed term deposit by up to 0.75

  • 12 months, paid end of term: increased 55 basis points to 1.50% p.a.
  • 13 months, paid annually: increased 75 basis points to 1.75% p.a.

RACQ Bank increases term deposit by up to 85 basis points

  • 6 months, paid end of term: increased 30 basis points to 1.00% p.a.
  • 9 months, paid end of term: increased 50 basis points to 1.50% p.a.
  • 2 years, paid annually: increased 85 basis point hike to 2.60% p.a
  • 3 years, paid annually: increased 80 basis point hike to 2.80% p.a.

Hume Bank increases Term Deposit by up to 40 basis points

  • 1 year, paid annually: increased 40 basis point to 1.00% p.a
  • 2 years, paid annually: increased 40 basis point to 1.10% 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. 

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, 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"]]5000$product[$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"]]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

                                      Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$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 July 22, 2024. View disclaimer.

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