Prior to Judo Bank’s move this week, Teachers Mutual Bank’s 11-month term deposit for members served as the market leader based on Savings.com.au market research, offering a rate of 4.25% p.a. with interest paid annually.

To be eligible to receive the rate, customers are required to purchase a membership with Teachers Mutual Bank for $10.

Requiring no membership, on Thursday Judo Bank’s one-year term deposit rate increased by 5 basis points (0.05%) across both personal and SMSF deposits to match that of Teachers Mutual Bank.

To receive Judo Bank’s new rate across both personal and SMSF products, customers are required to deposit a minimum of $1,000 with interest paid at the end of term.

The new rate on offer by Judo Bank currently sits below Bank of Queensland's 4.35% p.a. Future Savers rate and ING’s Savings Maximiser account rate of 4.30% p.a.

For some, having savings locked away in a term deposit will provide peace of mind with a fixed interest rate.

For others, with savings accounts increasing month-on-month in line with the cash rate – and with more increases on the horizon – Aussies may prefer the flexibility of access to savings accounts.

Beyond Bank increases term deposit rates by 0.15%

Beyond Bank has increased term deposit rates this week by 15 basis points.

For those with larger deposit amounts, this increase sees the customer-owned bank reach one-year rates in the 4% range.

Customers with a minimum deposit of $50,000 or $200,000 can expect to receive a rate of 4.00% p.a. with interest paid at the end of term.

AMP varies term deposit rates by up to 0.50%

AMP has both increased and decreased term deposit rates this week by up to 50 basis points.

While the bank’s 12-month deposit rate for minimum deposit balances of $5,000 increased by 10 basis points to 4.15% p.a., AMP cut 18-month term deposit rates by 0.20%.

AMP’s 18-month term deposit rates now remain back below the 4% p.a. mark, offering a rate of 3.85% p.a. for customers with a minimum balance of $5,000.

This marks the second time in a week a major bank within the deposit space has moved to cut term deposit rates, following Macquarie Bank’s decision last week to decrease its one-year deposit rate by 0.20%.

The Mutual Bank increases term deposit rates by up to 0.40%

The Mutual Bank has increased term deposit rates this week by up to 40 basis points.

This increase sees the mutual join the 4% one-year term deposit ranks, requiring a minimum deposit of $1,000 to receive the 4.00% p.a. rate with interest paid annually.

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