ANZ and Judo Bank were among several providers to increase their term deposit account rates this week.

With the RBA widely expected the bump the cash rate up by at least 25 basis points at its monetary policy decision next week, these banks are likely trying to stay ahead of the curve and keep their rates competitive.

Judo Bank increases term deposits by up to 0.20% p.a

Judo Bank this week moved up its term deposit rates by up to 20 basis points.

Most notably, Judo's one year term accounts now pay 4.40% p.a in interest, one of the most competitive rates in the market.

Only G&C Mutual, at 4.50% p.a, has a greater yield for deposits over $1,000 according to Savings.com.au market research.

Meanwhile, Judo's six month rates moved up by 5 basis points, meaning deposit holders who receive their interest at the end of term will now earn a 4.00% p.a rate.

ANZ increases term deposits by up to 0.60% p.a

ANZ was the only one of the big four to raise rates this week.

Economists from ANZ have predicted the cash rate peak to be higher than most others expect, and it was its shorter-term accounts in particular that saw significant increases.

ANZ's four month term deposit with an end-of-term payment saw a 60 basis point increase to 3.60% p.a, while those who wish to receive quarterly and monthly payments can benefit from a 59 basis point increase to 3.59% p.a and 3.58% p.a respectively.

One year accounts increased by 10 basis points to 4.1% p.a, with slight reductions for those receiving quarterly or monthly payments. 

ANZ's one year product now sits 10 basis points above equivalent products from the other major banks.

Bendigo Bank increases term deposits by up to 0.85% p.a

The biggest mover this week was Bendigo, the seventh largest bank in Australia in terms of assets.

The 12-month rate is now up to 3.75% p.a, a 40 basis point increase (again, with slight reductions in the interest rate for payments made quarterly or monthly).

This though still lags behind the big four and other competitors.

A host of other Bendigo products saw rates increase, with 15 month account terms seeing an 85 basis point increase to 3.35% p.a.

Other moves

Northern Inland Credit Union increased term deposit accounts by up to 0.20%, moving its six month term returns to 3.00% p.a.

Macquarie increased its four month term by 5 basis points to 3.40% 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.

Provider

At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
  • Easy online application
  • Interest can be paid to other institutions
  • Maturity alert by email and phone

Term Deposit - 6 months

  • Easy online application
  • Interest can be paid to other institutions
  • Maturity alert by email and phone
At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10001$product[$field["value"]]$product[$field["value"]]More details
  • $1,000 minimum deposit
  • Easy online application
  • Let your money work for you

Term Deposit - 7 months

  • $1,000 minimum deposit
  • Easy online application
  • Let your money work for you
At Maturity, Annually$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
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$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000$product[$field["value"]]$product[$field["value"]]More details

    Term Investment ($25k-$100k) - 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

        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"]]25000031$product[$field["value"]]$product[$field["value"]]More details

          Term Deposit ($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

              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, 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"]]1000031$product[$field["value"]]$product[$field["value"]]More details

                  Term Deposit - 6 months

                    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50007$product[$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 - 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, 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, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500000$product[$field["value"]]$product[$field["value"]]More details

                            Fixed Term Deposit ($500000+) - 6 months

                              At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10007$product[$field["value"]]$product[$field["value"]]More details

                              Term Deposit ($1k-$1m) - 6 months

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

                                Fixed Term Deposit ($250000-$500000) - 6 months

                                  Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50031$product[$field["value"]]$product[$field["value"]]More details

                                  Term Deposit ($500-$19999) - 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 April 20, 2024. View disclaimer.

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