Term deposit movement ramped up this week following the RBA's cash rate hike earlier this month.

With another cash rate increase widely predicted to take place in June, could term deposits rise even further?

Let's go over some of the most notable term deposit hikes this week.

Suncorp term deposits spill over 3% p.a.

Suncorp increased many of its term deposits this week by up to 125 basis points.

  • 2 years, paid quarterly: 115 basis point increase to 2.55% p.a.
  • 3 years, paid quarterly: 125 basis point increase to 2.75% p.a.
  • 4 years, paid monthly: 125 basis point increase to 2.80% p.a.
  • 5 years, paid quarterly: 125 basis point increase to 3.00% p.a.
  • 5 years, paid monthly: 125 basis point increase to 2.90% p.a.
  • 5 years, paid annually: 125 basis point increase to 3.05% p.a.

Great Southern Bank term deposits push towards 3% p.a.

Great Southern Bank increased its term deposits by up to 140 basis points.

  • 18 months, paid end of term: 115 basis point increase to 2.00% p.a.
  • 2 years, paid end of term: 130 basis point increase to 2.50% p.a.
  • 2 years, paid monthly: 130 basis point increase to 2.40% p.a.
  • 3 years, paid end of term: 140 basis point increase to 2.80% p.a.
  • 3 years, paid monthly: 140 basis point increase to 2.70% p.a.

BOQ raises term deposit interest rates by up to 100 basis points

Bank of Queensland (BOQ) raised interest rates on a number of term deposits.

The bank also decreased term deposit rates by up to 135 basis points, lowering some of its interest rates to 0.15% p.a.

  • 12 to 24 months, paid monthly: 75 basis point increase to 1.65% p.a.
  • 24 to 36 months, paid monthly: 85 basis point increase to 2.15% p.a.
  • 36 to 48 months, paid monthly: 100 basis point increase to 2.40% p.a.

Bankwest lifts term deposits by up to 165 basis points

Bankwest increased its Gold Term Deposits and Online Term Deposits by up to 1.65%.

  • 48 months, paid annually: 165 basis point hike to 2.15% p.a.
  • 24 months, paid semi-annually: 164 basis point hike to 2.14% p.a.
  • 3 years, paid annually: 165 basis point hike to 2.15% p.a.
  • 2 years, paid quarterly: 163 basis point increase to 2.13% p.a.

ING hikes term deposits by up to 125 basis points

ING increased interest rates on a few of its term deposits, with terms ranging from 90 days to two years.

  • 270 days, paid end of term: 72 basis point increase to 0.90% p.a.
  • 1 year, paid annually: 118 basis point increase to 1.40% p.a.
  • 2 years, paid annually: 125 basis point increase to 1.25% p.a.

    Commonwealth Bank increases term deposits by up to 40 basis points

    For the second week in a row, CBA has increased interest rates on many of its short-term term deposits.

    Last week, CommBank raised its term deposit rates by up to 170 basis points, but this was mainly on its long-term products.

    • 12 months, paid annually: 30 basis point hike to 0.60% p.a.
    • 12 months, paid annually: 35 basis point hike to 0.65% p.a.
    • 12 months, paid semi-annually: 35 basis point hike to 0.65% 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 six-month term. 

    Provider

    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
    At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$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 ($1000-$500001) - 6 months

        At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10008$product[$field["value"]]$product[$field["value"]]More details

        Online 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$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

            Term Investment ($100k-$200k) - 6 months

              At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50031$product[$field["value"]]$product[$field["value"]]More details

              Term Deposit ($500 - $1mn) - 6 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 - 6 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) - 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

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

                      Term Deposit ($5k-$500k) - 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

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

                            Term Deposit (> $1000) - 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

                                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

                                  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$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10007$product[$field["value"]]$product[$field["value"]]More details

                                    Term Savings ($1000-$500000) - 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"]]100031$product[$field["value"]]$product[$field["value"]]More details

                                        Term Deposit - 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 July 19, 2024. View disclaimer.

                                          Image by Sasun Bughdaryan