6-month term deposits paying up to 2.85% interest


Nick Bendel
Feb 16, 2019( 2 min read )

article header

Smaller lenders are paying some of the highest interest rates for six-month term deposits, a new market analysis has found.

For anyone who wants to invest $10,000 over six months, the highest interest rate right now is 2.85 per cent.

Three lenders are offering this rate – Arab Bank, Bank of Sydney and RaboDirect (see table below).

That $10,000 term deposit would pay $142.50 of interest at the end of the six months.

MyState Bank is paying 2.80 per cent, while five other lenders are paying 2.75 per cent – Firstmac, Macquarie Bank, ME Bank, Rural Bank One and UBank.

By comparison, ANZ and NAB have interest rates of 2.10 per cent for six-month term deposits, while Commonwealth Bank and Westpac have rates of 2.05 per cent.

$10,000, six-month term deposits – challenger lenders

Lender Interest rate Final total
Arab Bank 2.85% $10,142.50
Bank of Sydney 2.85% $10,142.50
RaboDirect 2.85% $10,142.50
MyState Bank 2.80% $10,140
Firstmac 2.75% $10,137.50
Macquarie Bank 2.75% $10,137.50
ME Bank 2.75% $10,137.50
Rural Bank One 2.75% $10,137.50
UBank 2.75% $10,137.50

$10,000, six-month term deposits – big four banks

Lender Interest rate Final total
ANZ 2.10% $10,105
NAB 2.10% $10,105
Commonwealth Bank 2.05% $10,102.50
Westpac 2.05% $10,102.50
Advertisement
Compare your product with the big 4 banks, or add more products to compare
As seen on