Top term deposit rates: October 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, term deposits are likely to offer higher interest rates than at-call savings accounts for the time being.
Judo Bank, AMP and Macquarie Bank are leading the charge with some of the highest term deposit rates in the Mozo database. All three currently offer 1-year rates above 4.00%., while AMP is offering 4.55% p.a. for a 2-year term. Read on for our round-up of some of the top rates on offer.
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TOP TERM DEPOSITS: October 2022
Judo Bank 2-Year Term Deposit
- 4.90% p.a. for a 2-year term, plus 0.10% loyalty bonus on roll-overs
- Mozo Experts Choice Best Term Deposit Winner 2022^
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. The minimum deposit is just $1,000 and interest can be paid out annually, at maturity or monthly (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.
AMP Bank 12-Month Term Deposit
- 4.50% p.a. for a 12-month term (for deposits over $25,000)
- $0 account keeping fees, interest calculated daily
AMP 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 30 days to 5 years, there are no account fees and interest is calculated daily. You'll need to deposit over $25,000 to earn the 4.50% p.a. rate (different rates are available for lower amounts). Mozo Experts Choice Winner 2022.^
Judo Bank 12-Month Term Deposit
This high interest term deposit rate from Judo Bank is hard to beat for a 12-month term. There are no account fees and you can earn a 0.10% loyalty bonus on top of the standard rate if you choose to reinvest your balance in another term deposit once it’s reached maturity. Minimum deposit $1,000.
AMP Bank 2-Year Term Deposit
A top choice for those with a large sum to deposit, this leading 2-year term deposit offers 4.60% p.a. interest on deposits of $25,000 to $5 million. You can choose from multiple interest payment options to suit your needs and there are no monthly fees to pay. What's more, you can get started in minutes with AMP's simple online application.
* 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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