A range of smaller lenders are offering significantly higher interest rates than the big four banks for six-month term deposits.
For borrowers who want to put $5,000 into a six-month term deposit with a big four bank, ANZ is paying the highest interest rate, at 2.10 per cent (see table below).
However, it is smaller institutions, rather than the big banks, that are currently offering some of the highest interest rates in Australia for six-month term deposits.
|Lender||Interest rate*||Final total|
|Bank of Sydney||2.85%||$5,071.25|
|Teachers Mutual Bank||2.70%||$5,067.50|
* This does not include any bonus interest rate offers.