Home News Which banks increased term deposit rates this week?

Mutuals shine, increasing term deposit rates by up to 1.00% p.a.

Mutual banks highlighted a week of term deposit movement, with G&C Mutual Bank now offering one of the highest 12 month deposit rates on the market.

By Jacob Cocciolone

First published on 12 Aug 2022

Fact Checked

Mutuals shine, increasing term deposit rates by up to 1.00% p.a.

There's no signs of slowing down term deposit increases, with a number of mutual banks joining the party this week in increasing deposit rates.

RBA data for July details the average retail term deposit rate for 1-year currently sits at 1.20% p.a.

Increases this week have seen one mutual bank in particular move to triple that rate, in a bid to appeal to a greater number of savers searching for an alternative to savings accounts.

G&C Mutual Bank

On Friday, G&C Mutual Bank increased a number of term deposit rates by up to 75 basis points.

Taking the cake was the mutual bank's 1-year rate, increasing by 35 basis points to 3.60% p.a.

With this increase, G&C Mutual has surpassed Judo Bank's 3.55% p.a. to offer the highest 12-month rate in Savings.com.au's market research.

To access this rate, G&C Mutual customers require a deposit of $1,000 with interest paid annually.

Other highlights include:

2-year term deposit, paid annually: 65 basis point increase to 3.90% p.a.
3-year term deposit, paid annually: 75 basis point increase to 4.00% p.a.

People's Choice

People's Choice increased term deposit rates by up to 50 basis points this week.

People's Choice range of term deposits require a minimum deposit of $5,000 with interest paid either annually or at the end of term.

Highlights of People's Choice term deposit increases include:

1-year term deposit, paid annually: 25 basis point increase to 3.00% p.a.
6-month term deposit, paid end of term: 50 basis point increase to 2.50% p.a.

BankVic

BankVic increased term deposit rates by up to 100 basis points this week across its 12-month term deposit products.

Similarly to People's Choice, BankVic term deposits require a minimum deposit of $5,000 with interest paid either annually or at the end of term.

BankVic's 12-month term deposit, paid annually increased to 2.45% p.a.

Bank of Sydney

Bank of Sydney increased term deposit rates on Tuesday by up to 55 basis points.

The range of term deposits offered by Bank of Sydney require a minimum deposit of $1,000 with interest paid at the end of term.

Highlights of these increases include the 7-month term deposit, increasing by 55 basis points to 2.60% p.a. as well as the 12-month term deposit, increasing by 50 basis points to 3.05% p.a.

Suncorp Bank

Suncorp Bank increased term deposit rates on Thursday by up to 40 basis points.

The range of term deposits offered by Suncorp Bank require a minimum deposit of $5,000 with interest paid annually.

Highlights of Suncorp Bank's increases include the 12-month term deposit, increasing by 30 basis points to 2.95% 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 12-month term.

Deposit amount

Compare

Provider	Interest rate	Interest frequency	Term	Automatic Rollover	Maturity Alert	Early Withdrawal Available	Minimum Deposit	Annual Fees	Joint Application	Online Application	as ofNovember 21, 2024

	4.55^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000		$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Online Savings Term Deposit (online) - 12 months
Disclosure
FEATURED Online Savings Term Deposit (online) - 12 months More details Disclosure
	4.65^%_p.a.	Monthly	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 12 months
Term Deposit - 12 months More details
	4.85^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	250000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit ($250000-$500000) - 12 months
Term Deposit ($250000-$500000) - 12 months More details
	5.05^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	25000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 12 months
Term Deposit - 12 months More details
	4.80^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000		$product[$field["value"]]	$product[$field["value"]]	More details
	Fixed Term Deposit - 12 months
Fixed Term Deposit - 12 months More details
	4.55^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 12 months
Term Deposit - 12 months More details
	4.80^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	10000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposits ($10,000+) - 12 months
Term Deposits ($10,000+) - 12 months More details
	4.60^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	50000		$product[$field["value"]]	$product[$field["value"]]	More details
	Farm Management Deposit Account - Fixed Term ($50000-$99999) - 12 months
Farm Management Deposit Account - Fixed Term ($50000-$99999) - 12 months More details
	4.65^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposits - 12 months
Term Deposits - 12 months More details
	4.95^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	10000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit (online) - 12 months
Term Deposit (online) - 12 months More details
	4.90^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000	[Amount: , Frequency: ]	$product[$field["value"]]	$product[$field["value"]]	More details
	Farm Management Deposit - 12 months
Farm Management Deposit - 12 months More details
	5.00^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000		$product[$field["value"]]	$product[$field["value"]]	More details
	SMSF Term Deposit - 12 months
SMSF Term Deposit - 12 months More details
	5.00^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000		$product[$field["value"]]	$product[$field["value"]]	More details
	Personal Term Deposits - 12 months
Personal Term Deposits - 12 months More details
	4.95^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposits - 12 months
Term Deposits - 12 months More details
	4.70^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000		$product[$field["value"]]	$product[$field["value"]]	More details
	Bankwest Term Deposit - 12 months
Bankwest Term Deposit - 12 months More details
	4.65^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	500		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 12 months
Term Deposit - 12 months More details
	4.80^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	250000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit ($250k+) - 12 months
Term Deposit ($250k+) - 12 months More details
	4.85^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000		$product[$field["value"]]	$product[$field["value"]]	More details
	Macquarie Bank Term Deposit (<$1,000,000) - 12 months
Macquarie Bank Term Deposit (<$1,000,000) - 12 months More details
	4.55^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 12 months
Term Deposit - 12 months More details
	4.55^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	50000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit ($50000-$5000000) - 12 months
Term Deposit ($50000-$5000000) - 12 months More details
	4.60^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000		$product[$field["value"]]	$product[$field["value"]]	More details
	Farm Management Deposit - 12 months
Farm Management Deposit - 12 months More details
	4.40^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 12 months
Term Deposit - 12 months More details

Online Savings Term Deposit (online) - 12 months

Minimum deposit$1,000

4.55%Interest rate p.a.

12Term

More details

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Jacob Cocciolone

Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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Mutuals shine, increasing term deposit rates by up to 1.00% p.a.

G&C Mutual Bank

People's Choice

BankVic

Bank of Sydney

Suncorp Bank

Online Savings Term Deposit (online) - 12 months

Online Savings Term Deposit (online) - 12 months

Term Deposit - 12 months

Term Deposit - 12 months

Term Deposit ($250000-$500000) - 12 months

Term Deposit ($250000-$500000) - 12 months

Term Deposit - 12 months

Term Deposit - 12 months

Fixed Term Deposit - 12 months

Fixed Term Deposit - 12 months

Term Deposit - 12 months

Term Deposit - 12 months

Term Deposits ($10,000+) - 12 months

Term Deposits ($10,000+) - 12 months

Farm Management Deposit Account - Fixed Term ($50000-$99999) - 12 months

Farm Management Deposit Account - Fixed Term ($50000-$99999) - 12 months

Term Deposits - 12 months

Term Deposits - 12 months

Term Deposit (online) - 12 months

Term Deposit (online) - 12 months

Farm Management Deposit - 12 months

Farm Management Deposit - 12 months

SMSF Term Deposit - 12 months

SMSF Term Deposit - 12 months

Personal Term Deposits - 12 months

Personal Term Deposits - 12 months

Term Deposits - 12 months

Term Deposits - 12 months

Bankwest Term Deposit - 12 months

Bankwest Term Deposit - 12 months

Term Deposit - 12 months

Term Deposit - 12 months

Term Deposit ($250k+) - 12 months

Term Deposit ($250k+) - 12 months

Macquarie Bank Term Deposit (<$1,000,000) - 12 months

Macquarie Bank Term Deposit (<$1,000,000) - 12 months

Term Deposit - 12 months

Term Deposit - 12 months

Term Deposit ($50000-$5000000) - 12 months

Term Deposit ($50000-$5000000) - 12 months

Farm Management Deposit - 12 months

Farm Management Deposit - 12 months

Term Deposit - 12 months

Term Deposit - 12 months

Jacob Cocciolone

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Comparison Rate Warning and Base Criteria

Monthly Repayment Figures

Related Brands

General Advice Disclosure