Mutual banks highlighted a week of term deposit movement, with G&C Mutual Bank now offering one of the highest 12 month deposit rates on the market.
There's no signs of slowing down term deposit increases, with a number of mutual banks joining the party this week in increasing deposit rates.
RBA data for July details the average retail term deposit rate for 1-year currently sits at 1.20% p.a.
Increases this week have seen one mutual bank in particular move to triple that rate, in a bid to appeal to a greater number of savers searching for an alternative to savings accounts.
On Friday, G&C Mutual Bank increased a number of term deposit rates by up to 75 basis points.
Taking the cake was the mutual bank's 1-year rate, increasing by 35 basis points to 3.60% p.a.
With this increase, G&C Mutual has surpassed Judo Bank's 3.55% p.a. to offer the highest 12-month rate in Savings.com.au's market research.
To access this rate, G&C Mutual customers require a deposit of $1,000 with interest paid annually.
Other highlights include:
People's Choice increased term deposit rates by up to 50 basis points this week.
People's Choice range of term deposits require a minimum deposit of $5,000 with interest paid either annually or at the end of term.
Highlights of People's Choice term deposit increases include:
BankVic increased term deposit rates by up to 100 basis points this week across its 12-month term deposit products.
Similarly to People's Choice, BankVic term deposits require a minimum deposit of $5,000 with interest paid either annually or at the end of term.
BankVic's 12-month term deposit, paid annually increased to 2.45% p.a.
Bank of Sydney increased term deposit rates on Tuesday by up to 55 basis points.
The range of term deposits offered by Bank of Sydney require a minimum deposit of $1,000 with interest paid at the end of term.
Highlights of these increases include the 7-month term deposit, increasing by 55 basis points to 2.60% p.a. as well as the 12-month term deposit, increasing by 50 basis points to 3.05% p.a.
Suncorp Bank increased term deposit rates on Thursday by up to 40 basis points.
The range of term deposits offered by Suncorp Bank require a minimum deposit of $5,000 with interest paid annually.
Highlights of Suncorp Bank's increases include the 12-month term deposit, increasing by 30 basis points to 2.95% p.a.
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 12-month term.
Deposit term Deposit amount Update results Interest rate Interest frequency Automatic Rollover Maturity Alert Early Withdrawal Available Minimum Deposit Upfront Fees Annual Fees Notice Period to Withdraw Joint Application Online Application
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Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.
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Westpac has joined the market plunge on term deposit rates with ING also dropping all its rates below 5% p.a. in a busy week on the TD market.
Denise Raward 5 day(s) agoThe week past bought a fresh round of term deposit rate cuts, including several of Australia's largest banks.
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