ANZ cuts term deposit rates as G&C Mutual and Judo up 2-year terms

Big bank ANZ reduced several term deposit rates last month, with the biggest drop being 60bp (0.60%) on its 4-month term rate, as per Mozo data.
Following suit, ANZ’s 2-year term deposit also took a 50bp (0.50%) reduction, along with the 1-year rate, which got a smaller 5bp (0.05%) reduction.
ANZ’s Advance Notice 1-year Term Deposit is now at an above average 4.80% rate. Currently the average term deposit rate in Australia for a 1-year term is 4.57%.
On the 2-year term option, the average rate is sitting at 4.15% while the 2-year ANZ equivalent is now well below this at 4.00%.
In the grand scheme of things, these rate cuts have put ANZ in the middle of the pack of term deposit providers.
Smaller banks make a move against the Big 4
G&C Mutual Bank and Judo Bank also made some changes to their rates last month but to the benefit of savers. They now take top spot in the Mozo database with some of the best available rates at the moment.
Both G&C Mutual Bank and Judo Bank are sitting at a 5.25% rate for their 2-year term deposits, which is quite competitive.
But how much does a 1.25% rate difference impact your savings over 2 years? Well, if you had a $30,000 2-year term deposit with ANZ at their current 4.00% rate, you would earn a total interest of $2,400.
However, if you held your $30,000 2-year term deposit with G&C Mutual Bank or Judo Bank at their 5.25% interest rate, you would earn $3,150 in interest - making you $750 richer with this choice.
Shopping around for a better rate might seem like a chore, but it can be simple and add a nice little boost to those savings.
If you are curious where to find top performing term deposits, check out our editors picks for best term deposits, or compare term deposit providers below.
Compare Term Deposits
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Term Deposit
5.00% p.a.
6 months$5,000
Yes up to $250,000
No set-up or account keeping fees. Australian customer team. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Minimum deposit $5,000. Interest paid at maturity.
CompareCompareTerm Deposit
No set-up or account keeping fees. Australian customer team. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Minimum deposit $5,000. Interest paid at maturity.
- interest rate
- 4.65% p.a.
- Minimum deposit
- $5,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $5,000.00
- Maximum deposit
- $1,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read reviews and learn more about MyState Bank term deposits
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Term Deposit
4.95% p.a.
6 months$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 2024^ for Term Deposits.
CompareCompareTerm Deposit
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 2024^ for Term Deposits.
- interest rate
- 4.85% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read reviews and learn more about Judo Bank term deposits
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Online Term Deposit
5.00% p.a.
6 months$5,000
Yes up to $250,000
No set-up or account keeping fees. Australian customer team. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Minimum deposit $5,000. Interest paid at maturity.
CompareCompareOnline Term Deposit
No set-up or account keeping fees. Australian customer team. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Minimum deposit $5,000. Interest paid at maturity.
- interest rate
- 4.65% p.a.
- Minimum deposit
- $5,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $5,000.00
- Maximum deposit
- $1,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read reviews and learn more about MyState Bank term deposits
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Term Deposit
4.55% p.a.
9 months$1,000
Yes up to $250,000
Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.
CompareCompareTerm Deposit
Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.
- interest rate
- 4.40% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $1,000,000.00
- Can interest be paid to another bank?
- no
- Automatic rollover
- yes
Read reviews and learn more about Bank of Sydney term deposits
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SMSF Term Deposit
4.95% p.a.
6 months$1,000
Yes up to $250,000
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
CompareCompareSMSF Term Deposit
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
- interest rate
- 4.85% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
-
Term Deposit
4.85% p.a.
4 months$5,000
Yes up to $250,000
Grow your hard-earned savings with a P&N Bank Money Maker Term Deposit. Enjoy competitive, guaranteed fixed term rates. Interest paid at maturity for terms between 2 and 12 months. Interest rates may vary depending on the terms you select. Minimum amount of $5,000. Maximum amount of $1 million.
CompareCompareTerm Deposit
Grow your hard-earned savings with a P&N Bank Money Maker Term Deposit. Enjoy competitive, guaranteed fixed term rates. Interest paid at maturity for terms between 2 and 12 months. Interest rates may vary depending on the terms you select. Minimum amount of $5,000. Maximum amount of $1 million.
- interest rate
- 4.60% p.a.
- Minimum deposit
- $5,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $5,000.00
- Maximum deposit
- $1,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read reviews and learn more about P&N Bank term deposits
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* Different interest rates apply to different amounts or different interest payment frequencies.
^See information about the Mozo Experts Choice Term Deposit Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.