Qudos Bank ups term deposit rates, eases economic pressure

Kudos go to Qudos Bank this morning, as it increases three to twelve month term deposit rates amidst the COVID-19 crisis.

In a trend which seems to have formed since the Reserve Bank’s emergency cut in mid-March, Qudos Bank follows 47 other Australian banks and credit unions in not decreasing, but increasing its term deposit interest rates*.

RELATED: 1-year term deposit rates on the rise with emergency RBA cut

This morning, the bank ups interest rates for its three to twelve month term deposits from 1.80% p.a. to 1.90% p.a. The new rate is available with balances of $5,000 or over for three, six, nine and twelve month terms. 

^See information about the Mozo Experts Choice Term Deposit Awards

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How much interest could I make in 1 year with a Qudos Bank term deposit?

At a rate of 1.90% p.a., if you were to deposit $10,000 into a twelve month term deposit, you could earn approximately $190 in interest over the course of the year. That’s a pretty tidy sum considering the average interest rate for a twelve month term deposit is 1.44% p.a.^ and would earn you a smaller $144 in interest over the same period of time for the same amount of money.

Want to figure out how much interest you could make? Why not use Mozo’s term deposits calculator to work out how much interest you might be able to clean up with the amount you’re looking to lock away. 

Didn’t find the term deposit you were after? Head to Mozo’s compare twelve month term deposits page to take a look at more twelve-month terms on offer right now. Just think, if you do snag a competitive term deposit rate now, in one year’s time you might be able to put your happy little sum of interest towards a much-needed holiday!

*Information correct as of Wednesday 15th April 2020.

^Average interest rate taken from information available in the Mozo database, correct as of Wednesday 15th April 2020.