Which banks moved term deposit rates this week?

This comes as Judo Bank reclaimed top spot a fortnight ago, offering a one-year term deposit rate to 3.65% p.a. 

That rate this week has been cut by 5 basis points, paving the way for one of Australia's largest banks in Macquarie Bank to make its move. 

Macquarie Bank's increase of 5 basis points pushes its one-year term deposit rate to 3.65% p.a., beating out Judo Bank's 3.60% p.a.

To achieve this rate, customers are required to deposit a minimum of $5,000 with interest paid annually. 

With the RBA to meet next Tuesday with an anticipated 50 basis point rate hike in tow, the trend of banks playing snakes and ladders week in-and-out with term deposits rates is likely to continue, presenting an alternative to high-interest savings accounts.

Macquarie Bank increases deposit rates by 0.10%

Outside of its 5 basis point increase to its one-year term deposit rate, Macquarie Bank also increased its six-month term deposit rate by 10 basis points.

Macquarie's six-month rate now sits at 2.85% p.a. with customers requiring a minimum deposit of $5,000 with interest paid end of term.

AMP increases deposit rates by up to 0.90%

AMP increased rates across a number of term deposit products by up to 90 basis points this week. 

Term deposits with AMP require a minimum deposit of $5,000 with interest paid at the end of term. 

Key increases include:

• 5-month term deposit, paid at the end of term: 90 basis point increase to 2.75% p.a.
• 12-month term deposit, paid at the end of term: 10 basis point increase to 3.55% p.a.

For those with a little more savings, AMP term deposits requiring a minimum deposit of $25,000 with interest paid end of term also increased.

These include:

• 5-month term deposit, paid at the end of term: 90 basis point increase to 2.85% p.a.
• 12-month term deposit, paid at the end of term: 10 basis point increase to 3.60% p.a.

Qudos Bank increases deposit rates by up to 0.25%

Qudos Bank increased rates across term deposit products by up to 25 basis points this week.

Qudos Bank term deposits require a minimum deposit of $5,000 with interest paid either annually or at the end of term.

The nine-month term deposit on offer from Qudos Bank increased by 25 basis points to 2.75% p.a. paid at the end of term.

Qudos Bank's one-year term deposit offering paid annually, increased by 10 basis points to 3.10% p.a.

Judo Bank cuts deposit rates by up to 0.15%

The neobank has cut term deposit rates this week by up to 15 basis points. 

These cuts include a 5 basis point drop on Judo Bank's one-year term deposit, taking the rate to 3.50% p.a. 

Further, off the back of increasing deposit rates for longer terms just last week, Judo Bank reversed that decision this week cutting these rates. 

These include:

• 3-year term deposit, paid annually: 15 basis point decrease to 4.10% p.a.
• 4-year term deposit, paid annually: 10 basis point decrease to 4.25% p.a.
• 5-year term deposit, paid annually: 10 basis point decrease to 4.35% p.a. 

Advertisement

Looking to earn a fixed interest rate on your savings? The table below features term deposits with some of the highest interest rates on the market for a 12-month term. 

Advertisement

Term Deposit - 6 months

Product Features

• Easy online application
• Interest can be paid to other institutions
• Maturity alert by email and phone

Minimum deposit$5,000

5.15%Interest rate p.a.

6Term

More details

Image by Vanessa Lee via Unsplash

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