The 35 basis point (0.35%) increase by Community First Credit Union comes off the back of both Judo and AMP increasing their 12-month deposit products in the past week.
Community First's increase applies to depositors who may have larger savings balances put aside, with a minimum deposit of $50,000 required.
The maximum amount able to be deposited with Community First's 4.00% p.a. term deposit offer is $1,000,000 with interest paid at the end of term.
The new 4.00% p.a. rate available until 30 November 2022 or until allocation is reached, places Community First at the front of the pack in the 12-month term deposit space based on Savings.com.au market research.
RBA’s latest deposit figures for September detailed the average rate of one-year deposits increased to 1.50% p.a. from 1.30% p.a. in August.
The increase by Community First sees its 12-month rate for balances of $50,000 or more sit 2.50% higher than the recorded average.
Previously speaking to Savings.com.au, Customer Owned Banking Association (COBA) CEO Michael Lawrence said mutual banks are driven to create customer value instead of maximising investor returns.
"This translates into highly competitive product offerings, including term deposits and savings rates," Mr Lawrence said in August.
“Being close to their communities, customer-owned banks are keen to ensure their products and services meet the needs of their members, whether it be a young couple saving for their first home, or a retiree looking to carefully manage their money.”
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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 12-month term.
Provider | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 25000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Personal Term Deposits - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 25000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit ($25,000+) - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposits - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit ($5,000-$25,000) - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 10000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit (online) - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | [Amount: , Frequency: ] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||
Farm Management Deposit - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 250000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit ($250000-$500000) - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposits ($5,000-$10,000) - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 250000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit ($250k+) - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Investment Plus - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Bankwest Term Deposit - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 500 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposits - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 1000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposits - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit (>$5,000) - 12 months | |||||||||||||
| Annually | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Regular Term Deposit Account - 12 months | |||||||||||||
First published on October 2022
Image by Hannah Bus via Unsplash
Denise Raward
Harry O'Sullivan
Emma Duffy
Brooke Cooper
