Bank First and Beyond Bank this week announced they are the latest term deposit account providers in Australia to cross the 4% p.a. threshold for 1 year minimum term deposit accounts.
It's a savers' market at the moment in Australia, with average term deposit rates for all terms now 2.85% p.a., which is a sharp contrast to the start of 2022 when it was just 0.25% p.a.
Beyond Bank increases all term deposit rates by 0.1%
Beyond Bank this week bought all its one and two year term deposit rates up by 10 basis points, bringing several past the 4% p.a. mark.
For minimum deposits of $2,000 for a one-year term, savers can now expect a 4.05% p.a. return on their end of term payment.
Those with monthly payments will receive a 3.95% p.a. interest rate.
Term deposit accounts with larger minimum deposits ($50,000 and $200,000) now will receive a 4.10% p.a. return at the end of their one year term.
This is reduced to 4.00% p.a. for those opting for monthly payments.
Bank First increases rates by up to 0.3%
The customer owned bank was another mover this week, increasing term deposit rates by up to 30 basis points.
All six-month term deposit accounts with bank first saw a 0.15% (15 basis point) increase, moving from a 3.35% p.a. to a 3.50% p.a. return.
All one-year term deposit accounts with Bank First increased by 0.3%, to all now sit at 4.00% p.a.
Hume Bank increases rates by up to 0.5%
The biggest mover this week was Hume Bank, another customer owned institution.
Accounts with a six-month term saw rates increase by 0.3%, up to 2.00% p.a. overall returns for customers receiving payment at the end of the term and 1.90% p.a for those receiving it monthly.
For those who are seeking a one-year deposit, Hume increased its rates by 0.5%.
Customers receiving annual payments will now benefit from a 3.75% p.a. interest rate, while those on monthly payments now receive a 3.65% p.a. return.
Advertisement
Want to earn a fixed interest rate on your cash? The table below features term deposits with some of the highest interest rates on the market for a six-month term.
All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product.
By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of February 5, 2025. View disclaimer.
Savings.com.au provides general information and comparison services to help you make informed financial decisions. We do not cover every product or provider in the market. Our service is free to you because we receive compensation from product providers for sponsored placements, advertisements, and referrals. Importantly, these commercial relationships do not influence our editorial integrity.
At Savings.com.au, we are passionate about helping Australians make informed financial decisions. Our dedicated editorial team works tirelessly to provide you with accurate, relevant, and unbiased information. We pride ourselves on maintaining a strict separation between our editorial and commercial teams, ensuring that the content you read is based purely on merit and not influenced by commercial interests.
Learn more about our commitment to editorial integrity in our Editorial Guidelines.
Our service is free for you, thanks to support from our partners through sponsored placements, ads, and referrals. We earn compensation by promoting products, referring you, or when you click on a product link. You might also see ads in emails, sponsored content, or directly on our site.
We strive to cover a broad range of products, providers, and services; however, we do not cover the entire market. Products in our comparison tables are sorted based on various factors, including product features, interest rates, fees, popularity, and commercial arrangements.
Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes.
Additionally, certain products may present forms designed to refer you to associated companies (e.g. our mortgage broker partner) who may be able to assist you with products from the brand you selected. We may receive a fee for this referral.
You can customise your search using our sorting and filtering tools to prioritise what matters most to you, although we do not compare all features and some results associated with commercial arrangements may still appear.
For home loans, the base criteria include a $400,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.
Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.
Savings.com.au is proudly part of the InfoChoice Group, which includes InfoChoice.com.au, YourMortgage.com.au, YourInvestmentPropertyMag.com.au, and PerformanceDrive.com.au. The InfoChoice Group is associated with the Firstmac Group.
We may include products and services from loans.com.au, CarLoans.com.au, OnlineAuto.com.au, and YourMortgageBroker Pty Ltd, all associated with the Firstmac Group. Importantly, these brands are treated like any other commercial partner.
The information provided by Savings.com.au is general in nature and does not take into account your personal objectives, financial situation, or needs. We recommend seeking independent financial advice before making any financial decisions. Before acquiring any financial product, obtain and read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), and any other offer documents.
Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG).
Harry O'Sullivan
Denise Raward
William Jolly
