Top term deposit rates: June 2022

Term deposit rates are rising faster than high interest savings accounts rates right now, causing fixed deposit rates to hit highs not seen in years and fuelling a surge in consumer demand.

Mozo’s bank expert Peter Marshall says that as banks increase term deposit rates in line with predicted RBA rate hikes, most of the high interest rate competition will be in term deposits instead of savings accounts.

Judo Bank, MyLife MyFinance and AMP are leading the charge with some of the highest term deposit rates in the Mozo database. All three currently offer 2-year rates at 3.00% or higher, and 1-year rates above 2.50%. Read on for our round-up of some of the top rates on offer.

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TOP TERM DEPOSITS: June 2022

Judo Bank Term Deposit
  • 3.40% p.a. for a 2-year term, plus 0.10% loyalty bonus on roll-overs
  • Mozo Experts Choice Best Term Deposit Winner 2022^
Find out more

Judo Bank offers some of the highest term deposit rates in the Mozo database, across a range of term options between three months and five years. Interest can be paid out annually or when the term deposit hits maturity (there’s also a monthly option with a slightly lower interest rate). Judo Bank also lets savers have their interest paid to another bank and offers a 0.10% interest rate bonus on rollovers once your deposit reaches maturity.

Qudos Bank Term Deposit
  • 0.90% p.a. for a 6 month term
  • $0 account keeping fees, interest calculated daily
  • $5,000 minimum deposit

Qudos Bank offers an attractive range of high interest term deposits that are popular with savers looking for a solid investment with guaranteed returns. Terms range from 3 to 36 months, there are no account fees and interest is calculated daily. Minimum deposit $5,000 (different rates apply to different deposit amounts).

Citi Term Deposit
  • 0.65% p.a. for a 3-month term
  • Balances of $10,000 or more

For those looking to park their cash for months not years, Citi offers competitive rates for short term deposits. You'll also enjoy $0 set up fees and $0 ongoing account-keeping fees. Interest rate rates are tiered depending on the balance amount and you can choose from 3, 6, 9 or 12 month terms. 

* 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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