AMP Bank and Adelaide Bank now offer term deposit rates above 2.00% p.a.

putting money into a ceramic piggy bank

AMP Bank has announced new increases to its term deposit rates.

The new rates now sit at:

  • 1.25% p.a. for a 1-year term
  • 1.95% p.a. for a 2-year term
  • 2.20% p.a. for a 3-year term
  • 2.45% p.a. for a 4-year term
  • 2.70% p.a. for a 5-year term

At the time of writing this, AMP Bank has the highest term deposit rates for 2-year, 3-year, 4-year and 5-year terms in our database.

Last week, Judo Bank held the top spot in term deposit rates.

Meanwhile, Adelaide Bank has also raised its interest rates, placing it among the top spots in term deposits.

Its new rates now are at:

  • 1.20% p.a. for a 1-year term
  • 1.77% p.a. for a 2-year term
  • 2.17% p.a. for a 3-year term
  • 2.42% p.a. for a 4-year term
  • 2.57% p.a. for a 5-year term

At the time of writing this, Adelaide’s 5-year term interest rate is the second-highest in Mozo’s database. 

In the past month, several banks we track in our database have increased their term deposit rates, with many rates now sitting above 2.00% p.a. 

How do the new rates compare?

In the last month, there have been more than 150 term deposit increases in the Mozo database. 

Right now AMP dominates the term deposit space with the most competitive deposits available in our database.

However, keep in mind that to have the higher interest rates offered by AMP Bank you must have more than $25,000 in the account. Accounts with less than that amount have slightly lower rates.

Meanwhile, most of Adelaide Bank’s high interest rates are for accounts that have more than $5,000 in them and interest is credited annually. Accounts that gain interest on a monthly, quarterly or half-yearly basis have a slightly lower rate.

If you’re thinking about putting some money into a term deposit account, check out Mozo’s term deposit comparison table below. Or alternatively, check out our term deposit guides to increase your knowledge when choosing your new term deposit account.

Term deposit comparisons on Mozo - last updated 17 May 2022

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Term Deposit
    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    4.05% p.a.
    5 years
    $1,000
    Yes up to $250,000

    Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2021 for Term Deposits.

    Details
  • Mozo Expert Choice Badge
    Term Deposit
    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    3.75% p.a.
    5 years
    $5,000
    Yes up to $250,000

    Competitive rates and fast online application for one year term deposit. Start investing with as little as $5,000 up to $500,000. No account keeping or set up fees to pay. Option to have interest paid at maturity. MyLife MyFinance is part of the Challenger Group.

    Details
  • Term Deposit
    interest rate
    Minimum deposit
    Govt Deposit Guarantee
    0.65% p.a.
    5 years
    $10,000
    Yes up to $250,000

    $0 Set up and no ongoing account-keeping fees. Interest rate depends on balance amount. Optional 3,6,9 or 12 month terms. Balances from $10,000.

    Details

* Different interest rates apply to different amounts or different interest payment frequencies.

^See information about the Mozo Experts Choice Term Deposit Awards

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