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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Provider

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Personal Term Deposits - 6 months

  • Competitive interest rates on all term lengths
  • Deposits covered up to $250,000 under Government’s Financial Claims Scheme
  • Loyalty bonus at renewal
Disclosure
At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

Term Deposit - 6 months

    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000$product[$field["value"]]$product[$field["value"]]More details

    Term Deposit - 6 months

      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

      Fixed Term Deposit - 6 months

        At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

        Term Deposits - 6 months

          At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

          ME Bank 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 December 4, 2024. View disclaimer.

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