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. 

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