With the 4% p.a. barrier now broken by savings offerings from BOQ and ING, depositors looking for an alternate option are crossing their fingers as one-year term deposits continue to edge closer to the mark.
In the past week, both Judo Bank and AMP lifted one-year deposit rates by up to 20 basis points to become market leaders in the one-year deposit rate space based on Savings.com.au market research.
This comes as the RBA’s latest deposit figures for September detailed the average rate of one-year deposits increased to 1.50% p.a. from 1.30% p.a. in August.
Judo Bank increases deposit rates by up to 20 basis points
Judo Bank’s increase to deposit rates this week by up to 20 basis points means the neobank retains its crown in the 12-month term deposit rate space.
It now offers a rate of 3.90% p.a. for 12-month deposits paid either annually or at end of term.
They require a minimum deposit of $1,000.
Judo Bank's increase this week sees its 12-month rate sit 240 basis points (2.40%) higher than the RBA recorded average.
AMP increases deposit rates by up to 20 basis points
Coming in second place, AMP increased term deposit rates this week by up to 20 basis points for depositors who may have varying balances.
For those with a minimum deposit of $5,000, AMP’s 12-month deposit rate increased by 10 basis points to 3.75% p.a. paid at the end of term.
Depositors with more savings to put away ranging from $25,000 to $1,000,000, are now offered a 12-month deposit rate of 3.80% p.a. paid at the end of term.
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Looking for an alternate to savings accounts to put away some money for the future? The table below features term deposits with some of the highest interest rates on the market for a 12-month term.
Provider | |||||||||||||
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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 - 11 months
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Term Deposit - 11 months
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| At Maturity, Monthly | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 25000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit - 12 months | |||||||||||||
| At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 50000 | 7 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Wealth Builder Term Deposit - 12 months ($50,000+) | |||||||||||||
| At Maturity, Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 25000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit ($25k-$5m) - 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"]] | 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 | |||||||||||||
| At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit ($5k-$500k) - 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 | |||||||||||||
| At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | 1 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Fixed Term Deposit - 12 Months ($500+) | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
| A GREAT RATE FOR OVER 55s | Term Deposit (Platinum Plus 55+) - 12 months
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Term Deposit (Platinum Plus 55+) - 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
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| At Maturity, Monthly | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 25000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit - 12 months (Monthly) | |||||||||||||
| Annually, At Maturity, Monthly | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 10000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit ($10000+) - 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 | |||||||||||||
| 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 | |||||||||||||
| Annually, At Maturity, Monthly | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit ($5000+) - 12 month | |||||||||||||
| At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 2000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit Special - 12 months | |||||||||||||
| Annually, At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000000 | 31 | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Term Deposit ($1,000,000-$2,000,000) - 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 ($100000+) - 12 months | |||||||||||||
- Guaranteed rate of return
- Manage your term deposit online
- Choose your own term - Options range from one month to five years
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Staff Writers
Harrison Astbury
