Banks continue to lift the lid on term deposits, offering attractive rates for customers looking to stash away their cash as an alternative to savings accounts. 

In the past week, ANZ, AMP, Australian Unity and Bendigo Bank all increased term deposit rates, while Judo Bank took the alternate route. 

ANZ

The big-four bank increased rates across its Advanced Notice term deposit products for both retail and business customers by up to 210 basis points. 

ANZ's range of Advance Notice term deposits require a $5,000 minimum deposit and a 31-day notice period if you choose to withdraw your funds prior to maturity.

Highlights of ANZ's term deposit increases include:

  • Advance Notice Term Deposit 12 months, paid annually: 60 basis point increase to 1.25%.
  • Advance Notice Term Deposit, 48 months, paid annually: 45 basis point increase to 2.25%.
  • Business Notice Term Deposit 12 months, paid annually: 110 basis point increase to 1.25%.
  • Business Notice Term Deposit 48 months, paid annually: 210 basis point increase to 2.25%.

AMP

Following on from its decision to increase term deposit rates last week, AMP went one better this week increasing term deposit rates by up to 75 basis points. 

With this increase announced Friday, AMP now offers one of the most competitive 12-month term deposit rates available to customers. 

Across AMP's range of deposits, the minimum deposit required is $5,000 and interest is payable at the end of term.

Highlights of AMP's term deposit increases include:

  • 6-month term deposit, paid at end of term: 75 basis point increase to 2.60%.
  • 12-month term deposit, paid at end of term: 40 basis point increase to 3.45%.

Australian Unity

Earlier this week, Australian Unity lifted rates on personal and SMSF term deposits by up to 140 basis points. 

Australian Unity's range of personal and SMSF term deposits require a minimum deposit of $5,000 with interest payable at the end of term.

Highlights of Australian Unity's term deposit increases include:

  • Personal 6-month term deposit, paid at end of term: 30 basis point increase to 2.25%.
  • Personal 12-month term deposit, paid at end of term: 140 basis point increase to 3.10%.
  • SMSF 6-month term deposit, paid at end of term: 30 basis point increase to 2.20%.
  • SMSF 12-month term deposit, paid at end of term: 140 basis point increase to 3.05%.

Bendigo Bank

Producing the smallest of the term deposit increases this week was Bendigo Bank, increasing rates by up to 25 basis points.

In similar fashion to other banks, Bendigo Bank's range of term deposits require a minimum deposit of $5,000 with interest payable at the end of term.

Highlights of Bendigo Bank's term deposit increases include:

  • Personal 12-month term deposit, paid at end of term: 25 basis point increase to 2.50%.
  • Personal 24-month term deposit, paid at end of term: 25 basis point increase to 2.85%.

Judo Bank

On Friday Judo Bank took the alternate route, cutting term deposit rates by 10 basis points across its offerings for periods of three, four and five years. 

Judo Bank's term deposit offerings require a minimum deposit of $1,000 with interest payable at the end of term.

Highlights of Bendigo Bank's term deposit cuts include:

  • Personal 3-year term deposit, paid at end of term: 10 basis point decrease to 4.00%.
  • Personal 4-year term deposit, paid at end of term: 10 basis point decrease to 4.15%.
  • Personal 5-year term deposit, paid at end of term: 10 basis point decrease to 4.25%.

Advertisement

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

At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
  • Automatic maturity rollover
  • Maturity alert by email and phone
  • Early Withdrawal Available

Term Deposit - 12 months

  • Automatic maturity rollover
  • Maturity alert by email and phone
  • Early Withdrawal Available
At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

Term Deposit ($5000+) - 12 months

    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]More details

    Term Deposit - 12 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 - $1mn) - 12 months

        Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit (Platinum Plus Club Members) - 12 months

          Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

          Income Plus - 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"]]500031$product[$field["value"]]$product[$field["value"]]More details

              Term Deposit ($5000-$999999) - 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"]]500031$product[$field["value"]]$product[$field["value"]]More details

                  Term Deposit ($5k-$25k) - 12 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 - 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

                        Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                        Term Deposit - 12 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) - 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

                              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) - 12 months

                                Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000031$product[$field["value"]]$product[$field["value"]]More details

                                Term Deposit ($100,000-$999,999) - 12 months

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

                                  Term Deposit - 12 months

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

                                    Term Deposit ($1000-$499999) - 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

                                        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 11, 2023. View disclaimer.

                                        Image by Oleksandr Pidvalnyi via Pexels





                                        Ready, Set, Buy!


                                        Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

                                        With bonus Q&A sheet and Crossword!

                                        By subscribing you agree to our privacy policy