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

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.