Judo Bank’s increase to term deposits in the 3, 6 and 9-month space this week sees the neobank join Gateway Bank offering a 6-month term deposit rate of 4% p.a.
Gateway Bank and now Judo Bank currently offer the highest rates in the 6-month term deposit space based on Savings.com.au market research.
To receive the 6-month rate of 4% p.a. from Judo, customers are required to deposit a minimum of $1,000 with interest paid at maturity.
These increases will also apply to Judo Bank SMSF term deposit products.
The shake up in the 6-month term deposit space comes as deposit data published by the RBA revealed the average 6-month term deposit rate currently sits at 1.80% p.a.
Suncorp will also increase term deposit rates off the back of the RBA’s December decision, announcing a new rate of 4% p.a. for 7-month term deposits.
Australian Unity increases term deposits by up to 1.25%
Australian Unity has increased term deposits for both retail and SMSF customers by up to 125 basis points.
The increase sees Australian Unity offer a 12-month rate of 4.09% p.a. for retail customers and 4.05% p.a. for SMSF customers.
Customers will require a minimum balance of $5,000 to take advantage of the deposits with interest across retail deposits paid either monthly, quarterly or semi-annually and SMSF deposits paid annually.
Macquarie Bank varies term deposits by up to 0.25%
Having sliced its one-year deposit rate for the first time since March last month, Macquarie Bank has struck again cutting its one-year rate by a further 10 basis points.
This decrease sees Macquarie now offer a one-year term deposit rate of 3.80% p.a. With a minimum deposit of $5,000 and interest paid annually.
This rate lies 10 basis points (0.10%) below Macquarie Bank’s transaction and savings accounts which are eligible to receive a rate of 3.70% p.a. on balances up to $250,000 from 16 December.
Great Southern Bank increases term deposits by up to 0.25%
Great Southern Bank has joined the number of banks offering term deposits for one-year beginning with a 4, with rates across deposit products increasing by up to 25 basis points.
Great Southern Bank’s one-year rate will increase by 20 basis points to 4.10% p.a. requiring a minimum balance of $5,000 with interest paid at the end of term.
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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 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Personal Term Deposit - 12 months (Annually) | |||||||||||||
| 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 | |||||||||||||
| At Maturity, Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | 1 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit - 1 Year | |||||||||||||
| 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, At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit - 12 months | |||||||||||||
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William Jolly
Aaron Bell
