Which banks increased term deposit rates this week?

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on July 29, 2022 Fact Checked
Which banks increased term deposit rates this week?

ANZ, AMP and other banks have increased term deposit rates by up to 210 basis points this week, while Judo Bank cut rates by 10 basis points.

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%.

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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. 

Lender

At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
AUTOMATIC MATURITY ROLLOVER
AUTOMATIC MATURITY ROLLOVER

Term Deposit - 12 months

    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)

      Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$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
        EARLY WITHDRAWAL AVAILABLE
        EARLY WITHDRAWAL AVAILABLE

        Term Deposit (> $1000) - 12 months

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

          Term Deposit - 12 months

            Rates based on a $50,000 deposit for 12 months. Rates correct as of August 10, 2022. View disclaimer.


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            Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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