Term deposit rates increase sharply

Term deposit movement ramped up this week following the RBA's cash rate hike earlier this month.

With another cash rate increase widely predicted to take place in June, could term deposits rise even further?

Let's go over some of the most notable term deposit hikes this week.

Suncorp term deposits spill over 3% p.a.

Suncorp increased many of its term deposits this week by up to 125 basis points.

• 2 years, paid quarterly: 115 basis point increase to 2.55% p.a.
• 3 years, paid quarterly: 125 basis point increase to 2.75% p.a.
• 4 years, paid monthly: 125 basis point increase to 2.80% p.a.
• 5 years, paid quarterly: 125 basis point increase to 3.00% p.a.
• 5 years, paid monthly: 125 basis point increase to 2.90% p.a.
• 5 years, paid annually: 125 basis point increase to 3.05% p.a.

Great Southern Bank term deposits push towards 3% p.a.

Great Southern Bank increased its term deposits by up to 140 basis points.

• 18 months, paid end of term: 115 basis point increase to 2.00% p.a.
• 2 years, paid end of term: 130 basis point increase to 2.50% p.a.
• 2 years, paid monthly: 130 basis point increase to 2.40% p.a.
• 3 years, paid end of term: 140 basis point increase to 2.80% p.a.
• 3 years, paid monthly: 140 basis point increase to 2.70% p.a.

BOQ raises term deposit interest rates by up to 100 basis points

Bank of Queensland (BOQ) raised interest rates on a number of term deposits.

The bank also decreased term deposit rates by up to 135 basis points, lowering some of its interest rates to 0.15% p.a.

• 12 to 24 months, paid monthly: 75 basis point increase to 1.65% p.a.
• 24 to 36 months, paid monthly: 85 basis point increase to 2.15% p.a.
• 36 to 48 months, paid monthly: 100 basis point increase to 2.40% p.a.

Bankwest lifts term deposits by up to 165 basis points

Bankwest increased its Gold Term Deposits and Online Term Deposits by up to 1.65%.

• 48 months, paid annually: 165 basis point hike to 2.15% p.a.
• 24 months, paid semi-annually: 164 basis point hike to 2.14% p.a.
• 3 years, paid annually: 165 basis point hike to 2.15% p.a.
• 2 years, paid quarterly: 163 basis point increase to 2.13% p.a.

ING hikes term deposits by up to 125 basis points

ING increased interest rates on a few of its term deposits, with terms ranging from 90 days to two years.

• 270 days, paid end of term: 72 basis point increase to 0.90% p.a.
• 1 year, paid annually: 118 basis point increase to 1.40% p.a.
• 2 years, paid annually: 125 basis point increase to 1.25% p.a.

Commonwealth Bank increases term deposits by up to 40 basis points

For the second week in a row, CBA has increased interest rates on many of its short-term term deposits.

Last week, CommBank raised its term deposit rates by up to 170 basis points, but this was mainly on its long-term products.

• 12 months, paid annually: 30 basis point hike to 0.60% p.a.
• 12 months, paid annually: 35 basis point hike to 0.65% p.a.
• 12 months, paid semi-annually: 35 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. 

Image by Sasun Bughdaryan