Term deposits May: Judo Bank stands strong with interest rates above 1%

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Another month gone, another round of term deposit interest rate changes to report on. In April, Mozo's research team counted at least one cut from 18 different term deposit providers. The average interest rate for a $25,000, 1-year term deposit didn't change much, dropping slightly from 0.53% p.a. to 0.52% p.a.*

Interestingly though, despite the continued cuts, a number of banks actually increased rates.

Surprise term deposit rate increases

In last month's snapshot we noted that a few banks had actually gone against the grain and increased rates. Providers that increased some interest rates in April were:

  • AMP Bank
  • Delphi Bank
  • Firstmac
  • Heritage Bank
  • Judo Bank
  • ME Bank
  • MyLife MyFinance
  • MyState Bank
  • Summerland Credit Union

Although some of these also decreased a few term deposit interest rates, others increased rates by as much as 50 to 60 basis points! Notably ME Bank added another 60 basis points on to its 5-year term deposit. AMP Bank increased interest rates for its 1 to 5-year term deposits by 40 basis points and increased its 11 month term deposit by 50 basis points.

On top of this Judo Bank, which is currently taking out the top spots for a number of longer terms in the Mozo database, increased its 4 and 5-year term deposit rates by 30 and 40 basis points respectively.

Judo Bank still offering rates above 1%

Speaking of Judo Bank, it is still offering the most competitive interest rates for longer terms in the Mozo database.* This includes for 1, 2, 3, 4 and 5-year terms. Interest rates for Judo Bank's longer terms are currently:

  • 1 year - 1.05% p.a.
  • 2 year - 1.20% p.a.
  • 3 year - 1.15% p.a.
  • 4 year - 1.40% p.a.
  • 5 year - 1.60% p.a.

Didn't find the term deposit you were after? Head to Mozo's compare term deposits page to see what else is out there or have a gander at the options for 1-year terms below.

*Statistics and averages taken from information available in the Mozo database, correct as of 30 April 2021

Compare 1-year term deposits - last updated 24 June 2024

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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

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