Term deposit interest rates: May 2022
Term deposits continue to rise, with more than 202 rate changes and 13 cuts in Mozo’s database. Now there are several banks that offer rates higher than ‘3’ and it wouldn’t be a surprise if we see the rates inch closer to a ‘4’ later this year!
The most notable rate increases came from Judo Bank, which has four different terms sitting above a ‘3’:
3.00% p.a. for a 2-year term
3.35% p.a. for a 3-year term
3.65% p.a. for a 4-year term
3.75% p.a. for a 5-year term.
Judo’s Bank's 5-year term interest rate is at 3.75% p.a. and currently sits at the top spot. It also has the best rates for 1, 2, 3, and 4 years.
We expect more providers to follow suit and we’ll be sure to report on any key movements along the way.
To see how interest rates are looking for other financial products, check out our April interest rate snapshots for home loan interest rates, personal loan interest rates, car loan interest rates and savings account interest rates.