Term deposits May: Judo Bank stands strong with interest rates above 1%
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
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Mozo experts choice awards won:
- Term Deposit - 2024
Term Deposit
5.25% p.a.
1 year$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.
1 year$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
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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* 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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