This comes as savers continue to weigh up between the options of savings accounts and term deposits to store their cash after February’s RBA decision. 

In its latest Statement of Monetary Policy (SOMP), the RBA detailed that depositors have looked to shift savings into term deposits throughout 2022 as the spread between new term deposit rates and at-call rates has increased.

“Rising term deposit pricing partly reflects banks seeking to take advantage of the favourable treatment in liquidity ratios of term deposits compared with at-call deposits,” the statement read. 

“In addition, in an environment of rising interest rates depositors tend to demand a higher return for locking away funds for a period of time.” 

These higher returns were offered this week by the likes of Bank of Queensland and Citi, with AMP taking the alternate route and cutting rates across a broad range of deposit products. 

Bank of Queensland varies deposit rates by up to 2.00% p.a. 

Bank of Queensland (BOQ) has increased term deposit rates in the past week by up to 125 basis points, as well as slashing rates by up to 200 basis points. 

The largest increases were seen across BOQ’s 6-month Premier Investment deposits, lifting 125 basis points to 3.75% p.a. 

At the same time, BOQ’s 7-month Premier Investment deposits were cut by 200 basis points to a rate of 1.50% p.a. 

Both products require a minimum deposit amount of $5,000 with interest paid at the end of term. 

Citi increases deposit rates by up to 0.40% p.a. 

Citi has increased term deposit rates in the past week by up to 40 basis points. 

This increase sees Citi increase its 6-month rate by 30 basis points to offer a rate of 3.90% p.a., while the bank’s 1-year rate has increased by 10 basis points to offer a rate of 4.20% p.a.

To achieve these rates, customers are required to deposit a minimum of $1,000 with interest paid at the end of term.

Rewind some two years ago, Citi was acquired by NAB in a reported $1.2 billion deal.  

With NAB now closing a range of Citi-branded deposit and transaction products, these term deposits will only be available to customers who hold a transaction account prior to 20 May 2023. 

AMP cuts term deposit rates by up to 0.20% p.a. 

AMP has decreased term deposit rates across a broad range of deposit products with minimum deposit requirements ranging from $5,000 up to $1,000,000. 

Key highlights of AMP’s term deposit decrease include a 10 basis point reduction to its 3, 4 and 5-year deposit rate requiring a minimum deposit of $5,000 to 3.95% p.a. 

Alongside this change, AMP’s 5 and 7-month term deposit rates have decreased 20 basis points to 3.70% p.a., with a minimum deposit of $5,000 and interest paid at the end of term. 


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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$product[$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"]]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 ($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 May 28, 2024. View disclaimer.

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