Term deposits November: AMP, Judo, Heritage Bank and more increase rates in last few months of 2021

By Tara McCabe · · 2 min read
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Over the last few months, more than a few term deposit providers have been increasing rates. In October alone Mozo’s research team counted 51 interest rate increases from 10 term deposit providers tracked in our database.**

Among the banks who have increased rates in recent weeks are AMP, Judo Bank and Heritage Bank. These latest changes have seen AMP and Judo Bank vying for the top spots in the Mozo database for a number of term lengths.

AMP and Judo compete for top spots

In last month’s term deposit snapshot, we reported that Judo Bank’s 1-year term deposit had dropped out of the top spot in the Mozo database. 

Since then Judo Bank has raised the 1-year term deposit interest rate by 24 basis points. It now offers a rate of 0.99% p.a. - a mere 1 basis point less than AMP’s 1-year term, which is currently taking out the top spot for 1-year terms in the Mozo database.**

AMP Bank also increased interest rates for multiple term deposits by as much as 25 basis points. It now takes out the top spots for a number of shorter terms, including 5-month, 7-month, 8-month, 10-month and 11-month terms.**

Mozo’s top term deposits

Want to know what the top term deposits are in the Mozo database? Our research team tracks numerous term deposits available in Australia on a daily basis. 

The term deposits listed below currently offer the highest interest rate in the Mozo database for their respective terms.**

  • 0.50% p.a. with MyLife MyFinance’s 1-month term deposit
  • 0.82% p.a. with Judo Bank’s 3-month term deposit
  • 0.89% p.a. with Judo Bank’s 6-month term deposit
  • 0.94% p.a. with Judo Bank’s 9-month term deposit 
  • 1.00% p.a. with AMP’s 1-year term deposit

Judo Bank also offers the highest rates available in the Mozo database for 2, 3, 4 and 5-year terms. Despite cutting some rates for its longer terms more recently.

Head to Mozo’s compare term deposits page to see what other terms are on offer at the moment. Or check out the term deposit interest rates below.

Compare term deposit interest rates

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 91 term deposits.
Last updated 14 December 2024 Important disclosures
  • Term Deposit

    5.05% 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.

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  • Term Deposit

    4.90% p.a.
    4 months

    $5,000

    Yes up to $250,000

    Grow your hard-earned savings with a P&N Bank Money Maker Term Deposit. Enjoy competitive, guaranteed fixed term rates. Interest paid at maturity for terms between 2 and 12 months. Interest rates may vary depending on the terms you select. Minimum amount of $5,000. Maximum amount of $1 million.

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  • Standard Term Deposit

    4.90% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Invest from as little as $1000. No monthly fees. Interest is paid at maturity. Range of terms available from 1 month to 3 years. Manage via online banking or via app.

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  • SMSF Term Deposit

    5.05% 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.

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  • Online Term Deposit

    4.90% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Ripen your savings in a Rabobank Term Deposit, offering competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000 and get your interest paid monthly, quarterly, half-yearly or yearly. A bank that helps Aussie farmers grow.

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**Interest rates and information correct as of 29 October 2021

* Different interest rates apply to different amounts or different interest payment frequencies.

^See information about the Mozo Experts Choice Term Deposit Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Today's term deposit rates