Judo Bank still leading? Which term deposit provider has the highest rates for March 2024

Last year saw a steep hike in rates, fears of a hard landing, and low consumer confidence. As the cash rate hit a decade-long high, savings accounts and term deposits hit some pretty high rates. In fact, some of the rates on offer are still sitting above 5.00%.

Judo Bank was offering the leading rates across all terms for most of the previous year. However, as the RBA’s rate hike cycle has come to a halt (and some economists predicting cuts later this year) most other providers have quickly caught up. In fact, many providers seem to anticipate cuts already and are making small adjustments downwards.

With all that in mind, now might be the time to lock in some of these high term deposit rates. Once the RBA makes it clear that the cash rate is getting cut, providers are sure to follow. 

Highest term deposit rates in March

At Mozo, our database tracks dozens of term deposit providers. We combed through and compared provider rates from 6-month all the way up to 5-year term deposits. 

Here are some of the highest term deposit rates in Australia across various terms in February:

• 6-month term deposits: Gateway Bank, and Challenger Bank offer 5.20% p.a. for 6 month terms and a minimum deposit of $1,000 and $25,000. 
• 9-month term deposits: G&C Mutual Bank offer the highest at 5.20% p.a. and a minimum deposit of $1000 for each provider.
• 12-month term deposits: G&C Mutual Bank, Challenger Bank, and Qudos Bank are all offering a rate of 5.20% p.a. for 1 year terms at a minimum $1000 deposit for G&C and $25,000 for Challenger and Qudos.
• 2-year term deposits: Family First offers the highest rate for a 2 year term deposit at 5.30% p.a. with its Special Term deposit.  
• 3-year term deposits: G&C Mutual Bank currently has the highest rate for 3 year deposits at 4.90% p.a. with a minimum deposit of $1,000. 
• 4 and 5-year term deposits: Judo Bank has the highest for both 4-year and 5-year rate deposits at 4.85% p.a with a minimum deposit of $1000. 

Which account is right for you?

Interest rate isn’t the only thing to focus on when choosing your term deposit provider. For instance, some accounts are fairly flexible on whether their interest is paid monthly or at maturity. So, depending on your financial circumstances, you may want to look at what else a provider might have on offer. 

Need a way of comparing term deposit providers? Check out the table below or have a look at our term deposit page to get an idea of what providers are offering.