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. 

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 8, 2023. View disclaimer.

                                        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