Following the RBA increasing the cash rate to 0.35% last week, interest rates are already starting to climb.

Big players have started to increase their term deposit interest rates by up to 1.70 percentage points over the past week, which could be good news for savers looking to stash away their money.

Commonwealth Bank raises term deposit rates by up to 170 basis points

CommBank increased its term deposit interest rates this week.

  • 18 months, payment annually: 55 basis point increase to 0.80% p.a.
  • 36 to 47 months, payment annually: 120 basis point increase to 1.45% p.a.
  • 48 to 59 months, payment annually: 150 basis point increase to 1.75% p.a.
  • 60 months, payment annually: 170 basis point increase to 1.95% p.a.

AMP Bank increases term deposits spill over 4.00% p.a.

AMP Bank also increased its term deposit interest rates by up to 40 basis points.

  • 12 months, payment end of term: 40 basis point increase to 2.85% p.a.
  • 12 months, payment end of term: 40 basis point increase to 2.90% p.a.
  • 4 years, payment annually: 30 basis point increase to 4.00% p.a.
  • 5 years, payment annually: 20 basis point increase to 4.15% p.a.  

BOQ hikes term deposits by up to 100 basis points

BOQ also increased its term deposit rates this week, with interest rates spilling over 2.00% p.a.

Notably, the bank also decreased some of its longer term term deposits by up to 135 basis points.

  • 12 to 24 months, payment end of term: 75 basis point hike to 1.75% p.a.
  • 24 to 36 months, payment annually: 85 basis point hike to 2.25% p.a.
  • 36 to 48 months, payment annually: 100 basis point hike to 2.50% p.a.
  • 48 to 60 months, payment monthly: 100 basis point hike to 2.40% p.a.

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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. 

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, 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
  • $0 monthly account fee

Term Deposit - 12 months

  • Guaranteed rate of return
  • Manage your term deposit online
  • $0 monthly account fee
Annually, At Maturity$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, 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

      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

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

            Term Deposit - 12 months

              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"]]100031$product[$field["value"]]$product[$field["value"]]More details

                Term Deposit ($1000+) - 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

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

                      Income Plus - 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, 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

                                      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 March 29, 2024. View disclaimer.

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