Term deposit snapshot May: Qudos Bank dominates shorter terms
Term deposits certainly didn’t stand still in May with Mozo counting a whopping 500 individual interest rate cuts from 60 different banks and credit unions*.
Now that the dust has settled, it’s clear that while a number of credit unions and banks have been unseated, one in particular has risen to the top spots in the Mozo database: Qudos.
Qudos Bank rises to top of Mozo database
Despite not making any actual rate increases to term deposits last month, mutual bank Qudos rose to the top of Mozo’s database in May for its 3 to 12 month terms.
This recent development happened after Transport Mutual Credit Union ended its 6-month term deposit special offer of 1.95% p.a. and Firstmac dropped its 1-year term deposit rate from 1.95% p.a. to 1.60% p.a. on 28 May and then again to 1.30% p.a. yesterday*.
After all these changes and with an interest rate of 1.80% p.a. available on balances over $5,000, Qudos now offers the most competitive rates in the Mozo database for three, six, nine month and one year terms.
ANZ slashes interest rate for leading 8-month term
The big banks weren’t passive in the world of term deposits either with all four major institutions cutting rates by as much as 40 basis points. This included ANZ’s previously leading 8-month term deposit rate, which went unchanged in April but was cut from 1.35% p.a. to 1.15% p.a. in May.
Besides the four major banks, others that cut big across the board included Auswide Bank, Bank of Queensland, Bendigo Bank, CUA, MyState Bank, People’s Choice Credit Union, St George Group, Suncorp and UBank.
MyState Bank and Bank of Queensland in particular cut term deposit rates by as much as 95 and 75 basis points respectively.
Judo Bank holds firm with rates over 2.00%
Finally, the star of term deposits ever since it entered the market last year, Judo Bank once again held firm with the most competitive rates for 2 to 5 year terms.
Its rates, available for balances between $1,000 and $1 million are as follows:
- 2-year term: 2.00% p.a.
- 3-year term: 2.05% p.a.
- 4-year term: 2.10% p.a.
- 5-year term: 2.15% p.a.
Want to find a term deposit to stash your cash in? Head to our compare term deposits page to see what’s on offer or check out the 1-year terms below.
*Rate cut statistics taken from information available in the Mozo database, correct as of 1 June 2020.
Compare 1-year term deposits - rates updated daily
Term Deposit
interest rate
Minimum deposit
Govt Deposit Guarantee
0.97% p.a.
1 year$1,000Yes up to $250,000Great 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 2020 for Term Deposits.
Term 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 2020 for Term Deposits.
- Minimum deposit
- $1,000
- Maximum deposit
- $1,000,000
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Judo Bank Term Deposit
Term Deposit
interest rate
Minimum deposit
Govt Deposit Guarantee
0.75% p.a.
1 year$10,000Yes 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.
Term Deposit
$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.
- Minimum deposit
- $10,000
- Maximum deposit
- $2,000,000
- Can interest be paid to another bank?
- no
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Citi Term Deposit
Term Deposit
interest rate
Minimum deposit
Govt Deposit Guarantee
0.90% p.a.
1 year$1,000Yes up to $250,000Terms from 3 to 36 months. A guaranteed rate. No account keeping fees. Enjoy a fixed rate or return. Get a written notice before your deposit matures.
Term Deposit
Terms from 3 to 36 months. A guaranteed rate. No account keeping fees. Enjoy a fixed rate or return. Get a written notice before your deposit matures.
- Minimum deposit
- $1,000
- Maximum deposit
- $499,999
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Teachers Mutual Bank Term Deposit
Term Deposit
interest rate
Minimum deposit
Govt Deposit Guarantee
1.05% p.a.
1 year$5,000Yes up to $250,000Flexible 3 to 60 month terms available. $0 account keeping fees. Flexible interest payments at maturity or annually. Minimum $5,000 deposit.
Term Deposit
Flexible 3 to 60 month terms available. $0 account keeping fees. Flexible interest payments at maturity or annually. Minimum $5,000 deposit.
- Minimum deposit
- $5,000
- Maximum deposit
- $100,000
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the BankVic Term Deposit
^See information about the Mozo Experts Choice Term Deposits Awards
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