There's no signs of slowing down term deposit increases, with a number of mutual banks joining the party this week in increasing deposit rates.

RBA data for July details the average retail term deposit rate for 1-year currently sits at 1.20% p.a. 

Increases this week have seen one mutual bank in particular move to triple that rate, in a bid to appeal to a greater number of savers searching for an alternative to savings accounts.

G&C Mutual Bank

On Friday, G&C Mutual Bank increased a number of term deposit rates by up to 75 basis points.

Taking the cake was the mutual bank's 1-year rate, increasing by 35 basis points to 3.60% p.a. 

With this increase, G&C Mutual has surpassed Judo Bank's 3.55% p.a. to offer the highest 12-month rate in Savings.com.au's market research.

To access this rate, G&C Mutual customers require a deposit of $1,000 with interest paid annually.

Other highlights include:

  • 2-year term deposit, paid annually: 65 basis point increase to 3.90% p.a. 
  • 3-year term deposit, paid annually: 75 basis point increase to 4.00% p.a. 

People's Choice

People's Choice increased term deposit rates by up to 50 basis points this week. 

People's Choice range of term deposits require a minimum deposit of $5,000 with interest paid either annually or at the end of term.

Highlights of People's Choice term deposit increases include:

  • 1-year term deposit, paid annually: 25 basis point increase to 3.00% p.a.
  • 6-month term deposit, paid end of term: 50 basis point increase to 2.50% p.a. 

BankVic

BankVic increased term deposit rates by up to 100 basis points this week across its 12-month term deposit products.

Similarly to People's Choice, BankVic term deposits require a minimum deposit of $5,000 with interest paid either annually or at the end of term.

BankVic's 12-month term deposit, paid annually increased to 2.45% p.a. 


Bank of Sydney

Bank of Sydney increased term deposit rates on Tuesday by up to 55 basis points. 

The range of term deposits offered by Bank of Sydney require a minimum deposit of $1,000 with interest paid at the end of term.

Highlights of these increases include the 7-month term deposit, increasing by 55 basis points to 2.60% p.a. as well as the 12-month term deposit, increasing by 50 basis points to 3.05% p.a.

Suncorp Bank

Suncorp Bank increased term deposit rates on Thursday by up to 40 basis points.

The range of term deposits offered by Suncorp Bank require a minimum deposit of $5,000 with interest paid annually.

Highlights of Suncorp Bank's increases include the 12-month term deposit, increasing by 30 basis points to 2.95% 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 12-month term. 

Provider

Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
A GREAT RATE FOR OVER 55s
  • If you are over 55 you can take advantage of special rates
  • $0 monthly account fee
  • Guaranteed rate of return
A GREAT RATE FOR OVER 55s

Term Deposit (Platinum Plus 55+) - 12 months

  • If you are over 55 you can take advantage of special rates
  • $0 monthly account fee
  • Guaranteed rate of return
Annually, At Maturity$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 - 12 Months

  • Interest calculated daily and paid at end of term
  • Monthly interest available for terms over 12 months
  • For deposit amounts $5,000 - $2,000,000
At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

Term Deposit - 12 months

    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500007$product[$field["value"]]$product[$field["value"]]More details

    Wealth Builder Term Deposit - 12 months ($50,000+)

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

      Personal Term Deposit - 12 months (Annually)

        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) - 12 months

          At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10008$product[$field["value"]]$product[$field["value"]]More details

          Online Term Deposit - 12 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) - 12 months

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

              Term Deposit - 12 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) - 12 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) - 12 months

                    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50001$product[$field["value"]]$product[$field["value"]]More details

                    Fixed Term Deposit - 12 Months ($500+)

                      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
                      • $0 monthly account fee

                      Term Deposit - 12 months

                      • Guaranteed rate of return
                      • Manage your term deposit online
                      • $0 monthly account fee
                      At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

                      Term Deposit - 12 months (Monthly)

                        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+) - 12 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+) - 12 months

                            At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500000$product[$field["value"]]$product[$field["value"]]More details

                            Fixed Term Deposit ($500000+) - 12 months

                              Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                              Term Deposit ($5000+) - 12 month

                                At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2000$product[$field["value"]]$product[$field["value"]]More details

                                Term Deposit Special - 12 months

                                  Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100000031$product[$field["value"]]$product[$field["value"]]More details

                                  Term Deposit ($1,000,000-$2,000,000) - 12 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 16, 2024. View disclaimer.

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