bank interest rates term deposits comparison

If you aren’t a financial risk taker and you’ve got a stash of money lying around that you don’t use, it could be lying in a term deposit and earning high interest.īy putting your money away for a set term and at a set interest rate, a term deposit allows you to maximise your savings with little effort. Put simply, a term deposit is a low risk way to make the most out of your savings. To see how interest rates are looking for other financial products, check out our December interest rate snapshots for home loan interest rates, personal loan interest rates, car loan interest rates and savings account interest rates. If anything changes throughout the month, we’ll be sure to report on any key movements along the way on the term deposit news page. 3 year term - 5.10% G&C Mutual Bank & Judo Bank.

1 year term - 5.30% Alex.Bank, Bank of Sydney, ING & Judo Bank.As at December 1, the highest term deposit rates are: Our database has a couple of rate leaders depending on the term. Once the RBA starts to hint that rate cuts are on the cards, term deposit rates are likely to follow suit. However, with signs inflation slowing, savers may want to consider a term deposit sooner rather than later if they want to lock in a decent interest rate. Lately, the shorter terms have been dominated by challengers like Firstmac and Goldfields Money.

Judo Bank currently grapples with Alex.Bank, Bank of Sydney and ING for the leading 1-year rate of 5.30% p.a. While Judo Bank still offers the leading rates on 3-year, 4-year, and 5-year terms, at 5.30% p.a., challengers have moved in to dominate shorter term offerings. Judo Bank, typically known for leading the charge with the highest term deposit rates in Mozo’s database, has been dethroned as a rate-leader on some terms. The leading term deposit rates currently hover just above the 5.00% p.a. While term deposit rates lost some momentum between June and October 2023, when the Reserve Bank of Australia paused their rate tightening cycle to assess its impact, the 25 basis-point hike last month finally gave deposit rates some room to grow. As we rapidly approach the end of 2023, term deposits remain an attractive option for Australian savers looking to earn a fixed rate of return.

Bank interest rates term deposits comparison