There's no signs of slowing down term deposit increases, with a number of mutual banks joining the party this week in increasing deposit rates.
RBA data for July details the average retail term deposit rate for 1-year currently sits at 1.20% p.a.
Increases this week have seen one mutual bank in particular move to triple that rate, in a bid to appeal to a greater number of savers searching for an alternative to savings accounts.
G&C Mutual Bank
On Friday, G&C Mutual Bank increased a number of term deposit rates by up to 75 basis points.
Taking the cake was the mutual bank's 1-year rate, increasing by 35 basis points to 3.60% p.a.
With this increase, G&C Mutual has surpassed Judo Bank's 3.55% p.a. to offer the highest 12-month rate in Savings.com.au's market research.
To access this rate, G&C Mutual customers require a deposit of $1,000 with interest paid annually.
Other highlights include:
- 2-year term deposit, paid annually: 65 basis point increase to 3.90% p.a.
- 3-year term deposit, paid annually: 75 basis point increase to 4.00% p.a.
People's Choice
People's Choice increased term deposit rates by up to 50 basis points this week.
People's Choice range of term deposits require a minimum deposit of $5,000 with interest paid either annually or at the end of term.
Highlights of People's Choice term deposit increases include:
- 1-year term deposit, paid annually: 25 basis point increase to 3.00% p.a.
- 6-month term deposit, paid end of term: 50 basis point increase to 2.50% p.a.
BankVic
BankVic increased term deposit rates by up to 100 basis points this week across its 12-month term deposit products.
Similarly to People's Choice, BankVic term deposits require a minimum deposit of $5,000 with interest paid either annually or at the end of term.
BankVic's 12-month term deposit, paid annually increased to 2.45% p.a.
Bank of Sydney
Bank of Sydney increased term deposit rates on Tuesday by up to 55 basis points.
The range of term deposits offered by Bank of Sydney require a minimum deposit of $1,000 with interest paid at the end of term.
Highlights of these increases include the 7-month term deposit, increasing by 55 basis points to 2.60% p.a. as well as the 12-month term deposit, increasing by 50 basis points to 3.05% p.a.
Suncorp Bank
Suncorp Bank increased term deposit rates on Thursday by up to 40 basis points.
The range of term deposits offered by Suncorp Bank require a minimum deposit of $5,000 with interest paid annually.
Highlights of Suncorp Bank's increases include the 12-month term deposit, increasing by 30 basis points to 2.95% 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 | ||||||
| FEATURED | Term Deposit - 12 months
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Term Deposit - 12 months
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| At Maturity, Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
| FEATURED | Term Deposit - 12 months
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Term Deposit - 12 months
| |||||||||||||
| Annually, At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | 31 | $product[$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"]] | 1000 | 8 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Online Term Deposit - 12 months | |||||||||||||
| Annually, At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 10000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit - 12 months (Annually) | |||||||||||||
| At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 500 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit ($500 - $1mn) - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit - 12 months | |||||||||||||
| At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit ($5000+) - 12 months | |||||||||||||
| Annually, At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit ($1000+) - 12 months | |||||||||||||
| Annually, At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | 31 | $product[$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"]] | 1000 | 31 | $product[$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"]] | 5000 | 31 | $product[$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"]] | 500 | 31 | $product[$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"]] | 5000 | 31 | $product[$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"]] | 100000 | 31 | $product[$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 | |||||||||||||
- Easy online application
- Interest can be paid to other institutions
- Maturity alert by email and phone
Image by Karolina Grabowska via Pexels
Harry O'Sullivan
Brooke Cooper
William Jolly
