Term deposits push above 1% in reprieve for savers

Recently, a number of lenders have adjusted their term deposit interest rates for consumers looking to earn interest on their savings.

Generally term deposit rates are starting to rise, though some rates have also fallen slightly. 

Judo Bank's term deposits earning up to 1.12% p.a.

Judo Bank has increased its personal term deposit rates by up to 13 basis points, with term deposit interest rates now sitting as high as 1.12% p.a.

Specifically, the bank increased rates on its three, six, nine, and 12 month term deposit rates with non-compounding interest and payment at the end-of-term.

• 3 months: 6 basis point increase to 0.88% p.a.
• 6 months: 8 basis point increase to 0.97% p.a.
• 9 months: 5 basis point increase to 0.99% p.a.
• 1 year: 13 basis point increase to 1.12% p.a.

Judo Bank also increased its rates on term deposits with an annual and monthly payment frequency - but interest rates vary slightly.

Heritage Bank varies term deposit rates 

Heritage Bank increased and decreased various term deposits by up to 20 basis points, with non-compounding interest and various payment frequencies.

Some of its term deposits that are paid quarterly were increased to 0.75% p.a., including:

• 2 years: 10 basis point increase to 0.65% p.a.
• 3 years: 10 basis point increase to 0.75% p.a.
• 4 years: 10 basis point increase to 0.75% p.a.

The bank raised and lowered some of its shorter-term term deposit rates by up 20 basis points (paid monthly), including:

• 3 months: 5 basis point decrease to 0.25% p.a.
• 6 months: 10 basis point decrease to 0.25% p.a.
• 8 months: 20 basis point decrease to 0.25% p.a.
• 9 months: 15 basis point increase to 0.5% p.a.

Firstmac increases term deposit rates by up to 25 basis points

Firstmac increased interest rates on a number of its term deposits by up to 25 basis points (non-compounding, end-of-term payment frequency), including: 

• 30 days: 15 basis point increase to 0.35% p.a.
• 60 days: 18 basis point increase to 0.38% p.a.
• 90 days: 25 basis point increase to 0.75% p.a.
• 12 months: 20 basis point increase to 0.80% p.a.

While Firstmac is a non-bank lender, it offers white-labelled deposit products issued by Goldfields Money, which is backed by APRA's Financial Claims Scheme.

Citi decreases term deposit rates by 10 basis points

Citi decreased its term deposit rates by up to 10 basis points (non-compounding, paid annually), including:

• 2 years: 10 basis point decrease to 0.40% p.a.
• 3 years: 10 basis point decrease to 0.40% p.a.
• 4 years: 10 basis point decrease to 0.40% p.a.
• 5 years: 10 basis point decrease to 0.40% p.a.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

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