The three banks are now tied to offer the highest one-year deposit rates on the market at 4.10% p.a. based on Savings.com.au market research.
AMP was the first to make a move this week, increasing deposit rates across its offerings by up to 20 basis points (0.20%).
AMP's 12-month deposit offering requiring a minimum of $5,000 with interest paid at the end of term increased by 0.20% taking the rate to 4.05% p.a.
For those with balances of $25,000, AMP increased its 12-month deposit rate to 4.10% p.a. with interest paid at the end of term.
Macquarie increases term deposit rates by up to 0.25%
One of Australia's largest banks followed the lead of AMP, increasing term deposit rates by up to 25 basis points this week.
Macquarie's one-year term deposit rate increased 20 basis points, taking the rate to match Judo and AMP at 4.10% p.a.
Unlike AMP where a larger deposit is required, the minimum deposit amount for Macquarie's one-year rate is $5,000 with interest paid annually.
Since the RBA commenced cash rate increases in May, Macquarie has increased deposit rates across its one-year product by a total of 135 basis points (1.35%).
Around the grounds
Mutual banks looked to keep within touching distance of Judo, AMP and Macquarie, with The Mutual Bank, Beyond Bank and MyState Bank increasing term deposit rates by up to 150 basis points (1.50%)
The Mutual Bank increased its one-year rate by 15 basis points to 3.75% p.a. with a minimum deposit of $1,000 and interest paid at the end of term.
Beyond Bank increased its one-year deposit rate by 15 basis points to 3.65% p.a. with a minimum deposit of $200,000 with interest paid at the end of term.
MyState Bank increased its two-year deposit rate by 70 basis points to 4.05% p.a. with a minimum deposit 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 one-year 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 | |||||||||||||
Image by Karen Laark Boshoff via Pexels
Aaron Bell
Staff Writers
