Term deposit interest rates: July 2022
The term deposit space has been quite busy in the last month, and I expect the movement to continue through the rest of the year. After the last RBA rate hike, several banks began offering higher interest rates for short term deposits to help people save. In fact, our database saw more than 615 rate increases and 8 cuts.
Now there are several banks that offer rates higher than ‘4’ and it wouldn’t be a surprise if we see some rates inch closer to a ‘5’ later this year!
The most notable rate increases came from Judo Bank, which has three different terms sitting above a ‘4’:
- 3.15% p.a. for a 1-year term
- 3.75% p.a. for a 2-year term
- 4.00% p.a. for a 3-year term
- 4.15% p.a. for a 4-year term
- 4.25% p.a. for a 5-year term.
Judo Bank's 5-year term interest rate is at 4.25% p.a. and currently sits at the top spot. It also has the best rates for 1, 2, 3, and 4 years.
We expect more providers to follow suit and we’ll be sure to report on any key movements along the way on the term deposit news page.
To see how interest rates are looking for other financial products, check out our April interest rate snapshots for home loan interest rates, personal loan interest rates, car loan interest rates and savings account interest rates.