Term deposits push above 1% in reprieve for savers

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on December 03, 2021 Fact Checked
Term deposits push above 1% in reprieve for savers

Despite the current low-interest environment, some term deposit rates have started to rise.

Recently, a number of lenders have adjusted their term deposit interest rates for consumers looking to earn interest on their savings.

Generally term deposit rates are starting to rise, though some rates have also fallen slightly. 

Judo Bank's term deposits earning up to 1.12% p.a.

Judo Bank has increased its personal term deposit rates by up to 13 basis points, with term deposit interest rates now sitting as high as 1.12% p.a.

Specifically, the bank increased rates on its three, six, nine, and 12 month term deposit rates with non-compounding interest and payment at the end-of-term.

  • 3 months: 6 basis point increase to 0.88% p.a.
  • 6 months: 8 basis point increase to 0.97% p.a.
  • 9 months: 5 basis point increase to 0.99% p.a.
  • 1 year: 13 basis point increase to 1.12% p.a.

Judo Bank also increased its rates on term deposits with an annual and monthly payment frequency - but interest rates vary slightly.

Heritage Bank varies term deposit rates 

Heritage Bank increased and decreased various term deposits by up to 20 basis points, with non-compounding interest and various payment frequencies.

Some of its term deposits that are paid quarterly were increased to 0.75% p.a., including:

  • 2 years: 10 basis point increase to 0.65% p.a.
  • 3 years: 10 basis point increase to 0.75% p.a.
  • 4 years: 10 basis point increase to 0.75% p.a.

The bank raised and lowered some of its shorter-term term deposit rates by up 20 basis points (paid monthly), including:

  • 3 months: 5 basis point decrease to 0.25% p.a.
  • 6 months: 10 basis point decrease to 0.25% p.a.
  • 8 months: 20 basis point decrease to 0.25% p.a.
  • 9 months: 15 basis point increase to 0.5% p.a.

Firstmac increases term deposit rates by up to 25 basis points

Firstmac increased interest rates on a number of its term deposits by up to 25 basis points (non-compounding, end-of-term payment frequency), including: 

  • 30 days: 15 basis point increase to 0.35% p.a.
  • 60 days: 18 basis point increase to 0.38% p.a.
  • 90 days: 25 basis point increase to 0.75% p.a.
  • 12 months: 20 basis point increase to 0.80% p.a.

While Firstmac is a non-bank lender, it offers white-labelled deposit products issued by Goldfields Money, which is backed by APRA's Financial Claims Scheme.

Citi decreases term deposit rates by 10 basis points

Citi decreased its term deposit rates by up to 10 basis points (non-compounding, paid annually), including:

  • 2 years: 10 basis point decrease to 0.40% p.a.
  • 3 years: 10 basis point decrease to 0.40% p.a.
  • 4 years: 10 basis point decrease to 0.40% p.a.
  • 5 years: 10 basis point decrease to 0.40% p.a.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.


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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 six-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 - 6 months (Annually)

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

    Term Deposit - 6 months

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

      Term Deposit - 6 months ($10k-$250k)

        Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

        Edvest Term Deposit I20 ($1000-$499999) - 6 months

          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

          Term Deposit I10 ($1000-$499999) - 6 months

            Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]250000$product[$field["value"]]$product[$field["value"]]More details

            Term Deposit ($250k+) - 6 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) - 6 months

                Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]More details
                FLEXIBLE INTEREST AND REPAYMENT TERMS
                • Interest can be paid to other institution
                • Automatic maturity rollover
                • Early Withdrawal Available
                FLEXIBLE INTEREST AND REPAYMENT TERMS

                Term Deposit (<$1m) - 6 months

                • Interest can be paid to other institution
                • Automatic maturity rollover
                • Early Withdrawal Available

                Rates based on a $50,000 deposit for 6 months. Rates correct as of June 25, 2022. View disclaimer.


                Image by Mortgan Housel 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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