The 20 basis point (0.20%) increase to Judo Bank's one-year deposit rate follows Community First Credit Union and People's Choice becoming the first to break the 4% one-year term deposit barrier.

Judo Bank's 4.10% p.a. one-year deposit requires a minimum deposit of $1,000, with interest paid either annually or at the end of term. 

Those who prefer having their savings 'at call' may prefer savings accounts from Bank of Queensland at 4.10% p.a. and ING at 4.05% p.a. - two of the current leaders in the savings rate space based on Savings.com.au market research.

Further, Judo Bank's five-year deposit rate increased by 10 basis points (0.10%) to edge closer to 5%, offering a rate of 4.95% p.a. with a minimum deposit of $1,000 and interest paid at the end of term. 

AMP increases deposit rates 

AMP also increased term deposit rates this week by up to 30 basis points (0.30%). 

The 12-month rates on offer by AMP increased across a number of deposit products requiring a minimum of $5,000, $25,000 and $100,000 with interest paid at the end of term. 

For those with a minimum of $5,000, AMP's 12-month rate increased 10 basis points to 3.85% p.a. while those with $25,000 and $100,000 increased 10 basis points to 3.90% p.a. 

The one-year term deposit club

Bank % Rate Per Annum Min Deposit
Judo Bank 4.10 $1,000
Community First 4.00 $50,000
People's Choice 4.00 $5,000

Source: Savings.com.au Market Research

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