Term deposits in October: AMP Bank moves upwards on rates while Judo lowers 1 year term
As we head into October, the news for Australia’s savers is that term deposit interest rates continue to remain steady, though we are starting to see some movement and competition for some shorter terms.
The average interest rate for a $25,000 1 year term deposit based on the accounts we track in the Mozo database currently sits at 0.48% p.a.** This figure has decreased marginally from what it was a few months ago and has stayed around the 0.50% mark since April this year.**
Big banks increase term rates ahead of Halloween
Ahead of the spooky season, a number of big banks have actually increased their term deposit interest rates. Freaky we know. It might have something to do with banks anticipating an increase to the cash rate in a few years time or it could just be supernatural forces at play?
Whatever the reason, the recent increases have changed things up a bit in the Mozo database. For one, AMP Bank has made numerous rate increases (some by as much as 35 basis points) that have seen it climb to the top of Mozo’s term deposit table for a number of shorter terms. Some of AMP’s more competitive term deposit interest rates right now are:
- 0.65% p.a. for 5 and 7 month terms
- 0.75% p.a. for 8 and 10 month terms
- 0.80% p.a. for 11 month term
In addition to AMP, other big banks that made term deposit interest rate increases included Bank of Melbourne, BankSA, Westpac and St George Bank. Although a number of these banks also made interest rate cuts.
Judo Bank drops out of top spot for 1 year term
Although there were considerably fewer cuts to term deposit rates than the beginning of 2021, Mozo’s research team did count a number of term deposit interest rate decreases in September and these recent cuts have led to a shake up in the leader’s table as we head into October.
Most notable of the changes was Judo Bank, shaving 20 basis points off its 1 year term, which now sits at 0.75% p.a.** The top spot for a 1 year term in the Mozo database is now held by MyLife MyFinance, which currently offers a rate of 0.85% p.a.**
BankVic also dropped out of its previously held top spots for 4, 5 and 7 month terms by dropping its rate from 0.70% p.a. to 0.45% p.a.**
Top longer term rates
While it no longer holds the top spot for 1 year terms, Judo Bank has maintained its top spots for all other long terms in the Mozo database. Rates for its other long terms are currently:
- 1.20% p.a. for a 2 year term
- 1.15% p.a. for a 3 year term
- 1.40% p.a. for a 4 year term
- 1.60% p.a. for a 5 year term
Additional interest earning options
If you are interested in finding other savings options for your money, you can compare high interest savings accounts or check out our compare term deposits page that has additional information about choosing a term deposit. If you’re ready to get started, check out some of the 1 year terms on offer below.
Compare 1-year term deposits - last updated 24 April 2024
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Mozo experts choice awards won:
- Term Deposit - 2024
Term Deposit
4.75% p.a.
1 year$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
- 4.75% 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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Term Deposit
4.75% p.a.
1 year$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
- 4.75% 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
5.00% p.a.
1 year$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
- 5.00% 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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Online Term Deposit
4.80% p.a.
1 year$5,000
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
- 4.80% 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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**Averages calculated using information available in the Mozo database, correct on 30 September 2021.
* 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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