Term deposits in September: Less interest rate cuts predicted
There is little chance that term deposit interest rates will change dramatically in September. Mozo has counted less and less term deposit rate cuts in the past few months.
Averages also haven’t moved much. Based on term deposits tracked in the Mozo database, the average interest rate for a $25,000, 1 year term deposit is currently 0.49% p.a.** This isn’t too different to the average in the previous few months, which stood at around 0.50% p.a.**
Cuts continue to dwindle
There seems to be a light at the end of the tunnel for term deposits. The number of rate cuts has dwindled over the past few months and will likely continue to do so in September. Mozo counted 125 term deposit rate cuts in June, 114 in July and just 69 in August.
On the flip side, Mozo has also counted a number of interest rate rises. Goldfields Money made the biggest number of term deposit rate increases, improving rates for both its shorter and longer terms. It increased rates by as much as 45 basis points for its four and five month terms and 50 basis points for its two year term!
Judo Bank still on top
Speaking of cuts, despite lowering the interest rate on a few of its offerings - Judo Bank is still taking out the top spot in the Mozo database for all longer terms. The bank’s current competitive rates are:
- 1 year term deposit - 0.95% p.a.
- 2 year term deposit - 1.20% p.a.
- 3 year term deposit - 1.15% p.a.
- 4 year term deposit - 1.40% p.a.
- 5 year term deposit - 1.60% p.a.
Or if you’re after a term to see you through the rest of 2021, BankVic currently offers competitive rates for a number of shorter terms. Its four, five and seven month terms are currently taking out the top spot in the Mozo database with each offering a 0.70% p.a. interest rate.
Want to see what other term deposits Mozo reviews? Head to our compare term deposits page for a longer list of options. Or keep scrolling to check out the interest rates below.
Compare term deposit interest rates
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Mozo experts choice awards won:
- Term Deposit - 2024
Term Deposit
5.25% 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
- 5.25% 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 our Mozo Review to learn more about the Judo Bank Term Deposit
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SMSF Term Deposit
5.25% 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
- 5.25% 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 - Online only
5.15% p.a.
6 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 - Online only
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
- -
- 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 our Mozo Review to learn more about the Bank of Sydney Term Deposit - Online only
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Term Deposit
3.70% p.a.
6 months$5,000
Yes up to $250,000
CompareCompareTerm Deposit
- 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
- $1,999,999.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Commonwealth Bank Term Deposit
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Term Deposit
4.25% p.a.
1 year$5,000
Yes up to $250,000
No set up, monthly service or management fees & choose to invest from $5,000 or more
CompareCompareTerm Deposit
No set up, monthly service or management fees & choose to invest from $5,000 or more
- interest rate
- 4.25% p.a.
- Minimum deposit
- $5,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $5,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Westpac Term Deposit
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**Average interest rates calculated using information available in the Mozo database, correct as of 31 August 2021.
* 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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