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. 

Provider

At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
  • Easy online application
  • Interest can be paid to other institutions
  • Maturity alert by email and phone

Term Deposit - 6 months

  • Easy online application
  • Interest can be paid to other institutions
  • Maturity alert by email and phone
At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10001$product[$field["value"]]$product[$field["value"]]More details
  • $1,000 minimum deposit
  • Easy online application
  • Let your money work for you

Term Deposit - 7 months

  • $1,000 minimum deposit
  • Easy online application
  • Let your money work for you
At Maturity, Annually$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
  • Choose your own term - Options range from one month to five years

Term Deposit - 6 months

  • Guaranteed rate of return
  • Manage your term deposit online
  • Choose your own term - Options range from one month to five years
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 - 6 months

    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000$product[$field["value"]]$product[$field["value"]]More details

    Term Investment ($25k-$100k) - 6 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) - 6 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) - 6 months

          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000031$product[$field["value"]]$product[$field["value"]]More details

          Term Deposit ($250k+) - 6 Months

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

              Term Deposit ($1000+) - 6 months

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

                Term Deposit ($10000+) - 6 months

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

                  Term Deposit - 6 months

                    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50007$product[$field["value"]]$product[$field["value"]]More details

                    Term Deposit - 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 - 6 months

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

                        Term Deposit - 6 months

                          At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

                          Term Deposit ($25k-$5m) - 6 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+) - 6 months

                              At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10007$product[$field["value"]]$product[$field["value"]]More details

                              Term Deposit ($1k-$1m) - 6 months

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

                                Fixed Term Deposit ($250000-$500000) - 6 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) - 6 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 April 21, 2024. View disclaimer.

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