Term deposits edge over 4% after cash rate hike

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on May 13, 2022 Fact Checked
Term deposits edge over 4% after cash rate hike

Commonwealth Bank, AMP Bank and BOQ increased term deposit interest rates by up to 170 basis points.

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. 

Lender

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)

    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

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

      Term Deposit - 12 months ($10k-$250k)

        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 May 26, 2022. View disclaimer.


              Image by kschneider2991 on Unsplash

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              author-avatar
              Rachel is a Finance Journalist, and joined Savings in 2021. Coming from a background in the FinTech space, her interests include the innovation of lending technology, property, investing, and more. With a passion for educating and informing people about their finances, she hopes to increase the financial literacy of everyday Australians.

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