Term deposits November: AMP, Judo, Heritage Bank and more increase rates in last few months of 2021
Over the last few months, more than a few term deposit providers have been increasing rates. In October alone Mozo’s research team counted 51 interest rate increases from 10 term deposit providers tracked in our database.**
Among the banks who have increased rates in recent weeks are AMP, Judo Bank and Heritage Bank. These latest changes have seen AMP and Judo Bank vying for the top spots in the Mozo database for a number of term lengths.
AMP and Judo compete for top spots
In last month’s term deposit snapshot, we reported that Judo Bank’s 1-year term deposit had dropped out of the top spot in the Mozo database.
Since then Judo Bank has raised the 1-year term deposit interest rate by 24 basis points. It now offers a rate of 0.99% p.a. - a mere 1 basis point less than AMP’s 1-year term, which is currently taking out the top spot for 1-year terms in the Mozo database.**
AMP Bank also increased interest rates for multiple term deposits by as much as 25 basis points. It now takes out the top spots for a number of shorter terms, including 5-month, 7-month, 8-month, 10-month and 11-month terms.**
Mozo’s top term deposits
Want to know what the top term deposits are in the Mozo database? Our research team tracks numerous term deposits available in Australia on a daily basis.
The term deposits listed below currently offer the highest interest rate in the Mozo database for their respective terms.**
- 0.50% p.a. with MyLife MyFinance’s 1-month term deposit
- 0.82% p.a. with Judo Bank’s 3-month term deposit
- 0.89% p.a. with Judo Bank’s 6-month term deposit
- 0.94% p.a. with Judo Bank’s 9-month term deposit
- 1.00% p.a. with AMP’s 1-year term deposit
Judo Bank also offers the highest rates available in the Mozo database for 2, 3, 4 and 5-year terms. Despite cutting some rates for its longer terms more recently.
Head to Mozo’s compare term deposits page to see what other terms are on offer at the moment. Or check out the term deposit interest rates below.
Compare term deposit interest rates - last updated 28 March 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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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
Your selected term deposits
Your selected term deposits
**Interest rates and information correct as of 29 October 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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