The Australian Prudential Regulation Authority (APRA) quarterly authorised deposit-taking institution (ADI) statistics to June 2020 show a massive spike in bank deposits since March.
From March to June, when pandemic fears were at its peak, household deposits (household cash in term deposits, savings accounts etc.) rose by 6.4%, or $64 billion, indicating a stockpiling of cash.
Over this same period, the household savings rate increased from 6% in the March quarter to 19.8% in the June quarter, the largest single increase in the history of the series.
Looking for a place to store cash? Below are a handful of 6-month term deposits with some of the highestinterest rates in the market.
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 March 30, 2025. View disclaimer.
Amid the huge number of Aussies putting more money in their bank accounts, deposit and savings rates have continued to decline in September, as they have done previously.
Term deposit rate changes
A large number of banks have continued to cut deposit rates throughout September, with a few increases scattered here and there.
As of August 2020, the average term deposit rate across all terms was just 0.75% p.a, with no single term above 1% p.a on average.
This average has fallen slightly to 0.73% p.a in September.
The most high profile deposit rate change this month is that of ANZ, which cut various deposit rates by up to 45 basis points, while increasing others by up to 25.
Westpac (as well as its subsidiary banks St. George, BankSA and Bank of Melbourne) also cut numerous term deposit rates by up to 15 basis points.
ANZ generally has the lowest rates among the big 4's term deposits, according to the table below.
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 March 30, 2025. View disclaimer.
Other key term deposit rate changes to occur in September include:
Judo Bank: Decreased term deposit rates by up to 10 basis points
BOQ: Decreased term deposits by as many as 10 basis points
UniBank, Teachers Mutual Bank: Decreased term deposit rates by up to 35 basis points
ME: Decreased term deposit rates by up to 10 basis points
Qudos Bank: Decreases rates by up to 0.15 basis points
Greater Bank: Decreased term deposit rates by up to 15 basis points
AMP: Decreased term deposit rates by up to 25 basis points
RACQ: Cut term deposit rates by up to 30 basis points
The infographic below showcases how much deposit rates have changed over the last 18 months or so.
Savings account rates
While savings account rate cuts aren't as frequent as term deposits, there have still been a few significant changes over the past few weeks.
On Wednesday, Neobank Volt, which is still in the beta stage after months, cut the total interest rate on its savings account by 20 basis points from 1.65% p.a. to 1.45% p.a.
Earlier in the month, the RAMS Saver account was cut again to 0.90% p.a in total, after being cut from 1.10% p.a the month before.
This is a far cry from the +3% p.a. interest rate this account had as recently as 2019.
The CUA eSaver Reward account was cut to a maximum rate of 1.45% p.a. after having a total rate of 1.70% p.a in April.
The table below features savings accounts with some of the highest non-introductory and introductory interest rates on the market.
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.45%
Savings Accelerator
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.45%
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 March 30, 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
