Term deposits May: Judo Bank stands strong with interest rates above 1%
Another month gone, another round of term deposit interest rate changes to report on. In April, Mozo's research team counted at least one cut from 18 different term deposit providers. The average interest rate for a $25,000, 1-year term deposit didn't change much, dropping slightly from 0.53% p.a. to 0.52% p.a.*
Interestingly though, despite the continued cuts, a number of banks actually increased rates.
Surprise term deposit rate increases
In last month's snapshot we noted that a few banks had actually gone against the grain and increased rates. Providers that increased some interest rates in April were:
- AMP Bank
- Delphi Bank
- Firstmac
- Heritage Bank
- Judo Bank
- ME Bank
- MyLife MyFinance
- MyState Bank
- Summerland Credit Union
Although some of these also decreased a few term deposit interest rates, others increased rates by as much as 50 to 60 basis points! Notably ME Bank added another 60 basis points on to its 5-year term deposit. AMP Bank increased interest rates for its 1 to 5-year term deposits by 40 basis points and increased its 11 month term deposit by 50 basis points.
On top of this Judo Bank, which is currently taking out the top spots for a number of longer terms in the Mozo database, increased its 4 and 5-year term deposit rates by 30 and 40 basis points respectively.
Judo Bank still offering rates above 1%
Speaking of Judo Bank, it is still offering the most competitive interest rates for longer terms in the Mozo database.* This includes for 1, 2, 3, 4 and 5-year terms. Interest rates for Judo Bank's longer terms are currently:
- 1 year - 1.05% p.a.
- 2 year - 1.20% p.a.
- 3 year - 1.15% p.a.
- 4 year - 1.40% p.a.
- 5 year - 1.60% p.a.
Didn't find the term deposit you were after? Head to Mozo's compare term deposits page to see what else is out there or have a gander at the options for 1-year terms below.
*Statistics and averages taken from information available in the Mozo database, correct as of 30 April 2021
Compare 1-year term deposits - last updated 29 March 2024
-
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
- -
- 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
-
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
- -
- 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
Your selected term deposits
Your selected term deposits
* Different interest rates apply to different amounts or different interest payment frequencies.
^See information about the Mozo Experts Choice Term Deposit Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.