Not only are savings account rates beginning to increase after being locked in a state of hibernation for some time, term deposit rates continue to trend north as banks look to provide competitive alternatives to savings accounts.

Over the past week, a number of banks have flagged their intent to increase rates for 12 month deposits in line with the RBA increase, yet banks such as Horizon Bank, Bank of Queensland, ING and Beyond Bank have passed on more significant increases.

Read more: Macquarie Bank increases transaction account interest rate

Horizon Bank

Horizon Bank increased term deposit rates this week by up to 150 basis points.

Highlights of this increase across term deposits with a minimum deposit balance of $5,000 include:

  • 12 months, paid annually: 100 basis point increase to 2.10% p.a.
  • 24 months, paid annually: 130 basis point increase to 2.60% p.a. 
  • 36 months, paid annually: 150 basis point increase to 3.00% p.a.

Bank of Queensland

Bank of Queensland (BOQ) increased term deposit rates by up to 75 basis points.

Highlights of this increase across term deposits with a minimum deposit balance of $5,000 include:

  • 24 months, paid annually: 75 basis point increase to 3.00% p.a.
  • 36 months, paid annually: 50 basis point increase to 3.00% p.a.
  • 48 months, paid annually: 50 basis point increase to 3.00% p.a.

BOQ currently offers a 3.00% p.a. savings account for Gen-Z and Millennials aged up to 35 years, however this term deposit increase may appeal to a broader audience.

ING  

ING has increased term deposit rates this week by up to 140 basis points. 

Key increases across term deposits with a minimum deposit balance of $10,000 include:

  • 180 days, paid at end of term: 140 basis point increase to 1.90% p.a.
  • 210 days, paid at end of term: 100 basis point increase to 1.55% p.a.
  • 270 days, paid at end of term: 40 basis point increase to 1.90% p.a.
  • 330 days, paid at end of term: 120 basis point increase to 1.90% p.a.
  • 1 year, paid annually: 75 basis point increase to 2.75% p.a.

Beyond Bank

Beyond Bank increased a broad range of term deposit rates by up to 40 basis points.

Key increases across term deposits with a minimum deposit balance of $5,000 include:

  • 1 year, paid annually: 20 basis point increase to 0.90% p.a. 
  • 3 years, paid annually: 40 basis point increase to 1.35% p.a.
  • 5 years, paid annually: 40 basis point increase to 1.35% 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

Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50007$product[$field["value"]]$product[$field["value"]]More details
  • Interest calculated daily and paid at end of term
  • Monthly interest available for terms over 12 months
  • For deposit amounts $5,000 - $2,000,000

Term Deposit - 6 Months

  • Interest calculated daily and paid at end of term
  • Monthly interest available for terms over 12 months
  • For deposit amounts $5,000 - $2,000,000
At Maturity, Annually$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$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details
        • Deposits are protected up to a limit of $250,000 for each account
        • Added loyalty bonus of 0.10%

        Personal Term Deposit - 6 months

        • Deposits are protected up to a limit of $250,000 for each account
        • Added loyalty bonus of 0.10%
        At Maturity, Annually$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"]]100000$product[$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"]]5000$product[$field["value"]]$product[$field["value"]]More details

                    Term Investment ($5k-$25k) - 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

                                    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 June 13, 2024. View disclaimer.

                                    Image by Pawel Czerwinski via Unsplash