Term deposit rates continue to climb above 2%

The term deposit rate hikes come off the back of the recent RBA decision to hold the cash rate at 0.10% for April.

As it stands currently, three of the big four expect the first cash rate hike to come in June, while Westpac still predicts the first hike to come in August.

Fixed interest rates have generally been rising across the board for both fixed-rate home loans as well as term deposits.

However, variable rates have been falling which generally affects savings accounts and variable home loans.

But the tides may be changing for savers as Bank of Queensland (BOQ) recently announced its 2% p.a. savings account for 14 to 35 year olds.

Digital lender 86 400 also rejigged its savings account offering this week, now allowing customers to have up to 10 savings accounts with a bonus variable rate of 1.20% p.a.

Macquarie Bank lifts interest rate to 1.85% p.a.

Macquarie Bank increased its term deposit interest rates by up to 20 basis points across a few of its offerings.

• 3 months, end of term payment: 10 basis point hike to 0.80% p.a.
• 6 months, end of term payment: 10 basis point hike to 1.1% p.a.
• 9 months, end of term payment: 20 basis point hike to 1.4% p.a.
• 1-year, annual payment: 20 basis point hike to 1.85% p.a.

Firstmac term deposit rate pushes past 2% p.a.

Firstmac hiked its term deposit rates by up to 140 basis points.

• 12 months, end of term payment: 45 basis point increase to 1.25% p.a.
• 24 months, end of term payment: 140 basis point increase to 2.20% p.a.

ME Bank's interest rates exceed 1% p.a.

ME Bank increased both its business and personal term deposit rates by up to 20 basis points, with a number of its products now sitting at over 1% p.a.

• Business term deposit, 12 to 18 months, end of term payment: 20 basis point hike to 1.10% p.a.
• Personal term deposit, 12 to 18 months, end of term payment: 20 basis point hike to 1.10% p.a.
• Personal term deposit, 12 to 18 months, monthly payment: 20 basis point hike to 1.05% p.a.

Citi increases interest rates on 11 term deposits

Citi hiked its term deposits by 25 basis points on 11 of its products, all of which now have an interest rate of 0.65% p.a.

• 3 months, end of term payment: 25 basis point hike to 0.65% p.a.
• 6 months, end of term payment: 25 basis point hike to 0.65% p.a.
• 9 months, end of term payment: 25 basis point hike to 0.65% p.a.

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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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