What are the best term deposits in Australia? Are you hunting for a term deposit to stash some cash?
Term deposits are a type of financial product offered by financial institutions that allow you to lock away your savings for a set period of time (the term), in exchange for a fixed interest rate.
In this brief episode, we’ll attempt to outline a few of the high-interest options available to you. As always, be sure to read the Terms & Conditions, along with the Financial Services Guide (FSG).
Please note: this podcast was recorded on October 31st, 2022 (a day before the Reserve Bank of Australia increased interest rates by 0.25%).
Top term deposits Australia
Let’s have a look at some of the best rates around as of 31st October 2022 for term deposits.
Please note that these rates change on a regular basis, so click on the hyperlinks below to get the most up-to-date rates (note: none of these links are referral links, and we have no commercial relationships with these financial institutions).
Action step: Check your bank is covered by the Financial Claims Scheme (the FCS), by double checking it is an authorised deposit-taking institution (ADI) on this list. The FCS protects money held by an account holder with an ADI, up to a total value of $250,000.
These rates are all taken based on 12-month terms paid at maturity (lowest balance rate taken)
- Macquarie Bank – 4.10%
- AMP Bank – 4.05%
- Bank of Melbourne – 3.90% (up to 4.00% p.a. when you open or renew online)
- Rabobank – 3.90%
- ME Bank – 3.90%
You can also use comparison websites like Canstar, Finder and Mozo to compare term deposits and interest rates.
Found a better rate? Let us know in the Rask community.
