AMP Bank and Adelaide Bank now offer term deposit rates above 2.00% p.a.
AMP Bank has announced new increases to its term deposit rates.
The new rates now sit at:
- 1.25% p.a. for a 1-year term
- 1.95% p.a. for a 2-year term
- 2.20% p.a. for a 3-year term
- 2.45% p.a. for a 4-year term
- 2.70% p.a. for a 5-year term
At the time of writing this, AMP Bank has the highest term deposit rates for 2-year, 3-year, 4-year and 5-year terms in our database.
Last week, Judo Bank held the top spot in term deposit rates.
Meanwhile, Adelaide Bank has also raised its interest rates, placing it among the top spots in term deposits.
Its new rates now are at:
- 1.20% p.a. for a 1-year term
- 1.77% p.a. for a 2-year term
- 2.17% p.a. for a 3-year term
- 2.42% p.a. for a 4-year term
- 2.57% p.a. for a 5-year term
At the time of writing this, Adelaide’s 5-year term interest rate is the second-highest in Mozo’s database.
In the past month, several banks we track in our database have increased their term deposit rates, with many rates now sitting above 2.00% p.a.
How do the new rates compare?
In the last month, there have been more than 150 term deposit increases in the Mozo database.
Right now AMP dominates the term deposit space with the most competitive deposits available in our database.
However, keep in mind that to have the higher interest rates offered by AMP Bank you must have more than $25,000 in the account. Accounts with less than that amount have slightly lower rates.
Meanwhile, most of Adelaide Bank’s high interest rates are for accounts that have more than $5,000 in them and interest is credited annually. Accounts that gain interest on a monthly, quarterly or half-yearly basis have a slightly lower rate.
If you’re thinking about putting some money into a term deposit account, check out Mozo’s term deposit comparison table below. Or alternatively, check out our term deposit guides to increase your knowledge when choosing your new term deposit account.
Term deposit comparisons on Mozo - last updated 19 April 2024
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Mozo experts choice awards won:
- Term Deposit - 2024
Term Deposit
4.90% p.a.
5 years$1,000
Yes up to $250,000
Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)
CompareCompareTerm Deposit
Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)
- interest rate
- 4.90% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- no
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Rabobank Term Deposit
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Online Term Deposit
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Yes up to $250,000
No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.
CompareCompareOnline Term Deposit
No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.
- interest rate
- p.a.
- Minimum deposit
- $5,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $5,000.00
- Maximum deposit
- $5,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the MyState Bank Online Term Deposit
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Term Deposit
4.00% p.a.
5 years$1,000
Yes up to $250,000
Enjoy the certainty of a fixed interest rate combined with the convenience of online banking to set up and manage your term deposit at maturity. You can start investing from as little as $1,000 or up to $5,000,000.
CompareCompareTerm Deposit
Enjoy the certainty of a fixed interest rate combined with the convenience of online banking to set up and manage your term deposit at maturity. You can start investing from as little as $1,000 or up to $5,000,000.
- interest rate
- 4.00% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $10,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Bankwest Term Deposit
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Term Deposit
3.80% p.a.
5 years$5,000
Yes up to $250,000
Secure a guaranteed rate of return with a Great Southern Bank Term Deposit. Pay $0 monthly account fees. Choose your own terms from one month to five years. Manage your term deposit conveniently online. protected by the Australian Government's guarantee on deposits.
CompareCompareTerm Deposit
Secure a guaranteed rate of return with a Great Southern Bank Term Deposit. Pay $0 monthly account fees. Choose your own terms from one month to five years. Manage your term deposit conveniently online. protected by the Australian Government's guarantee on deposits.
- interest rate
- 3.80% p.a.
- Minimum deposit
- $5,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $5,000.00
- Maximum deposit
- $1,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Great Southern Bank Term Deposit
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* Different interest rates apply to different amounts or different interest payment frequencies.
^See information about the Mozo Experts Choice Term Deposit Awards
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