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.
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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.
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Denise Raward
Harry O'Sullivan
Emma Duffy
