3 months: Credit Union SA at 5.10% p.a.1 month: Firstmac & Goldfields Money at 4.25% p.a.

The highest term deposit rates in our database, at 1 December 2023, are: Judo Bank leads in the 3 to 5-year terms at 5.30% p.a., while Bank of Sydney, ING, Alex Bank and Judo Bank grapple for the top 1-year term deposit: also at 5.30% p.a. Top term deposit interest rates in December 2023Ĭurrently, the Mozo database lists several rate leaders depending on the length of the term. If the RBA raises rates once more on 5 December, term deposit customers may get an extra boost on locked-away savings to end the year on a high.įor now, here's a breakdown of who has increased rates and where you'll find some of the top term deposit rates: Which banks have increased 1 year term deposit rates by the full November RBA cash rate rise?Īccording to the Mozo database, these 1-year term deposit providers have either beat the RBA's latest cash rate hike of 25 basis-points, or passed on a higher rate to their customers (as of 1 December 2023): However, as you'll see here, the RBA's November rate rise thawed out some term deposit products, giving rates the room to grow.

Interest rates for deposit products, including savings accounts, generally stagnated during the five-month freeze of the cash rate between June and October 2023. The recovery we've witnessed over the past year and a half comes on the heels of the RBA's efforts to tame the beast (inflation), and has largely followed the official cash rate's upward trajectory. Term deposit rates are relatively high right now, compared to the last few years. Updated by: Jack Dona, Term Deposit writer, 1 December 2023. Term deposits monthly snapshot: December 2023

Comparison of bank term deposit rates