Bank of Sydney paying top dollar for 6-month term deposits



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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).

Commonwealth Bank, NAB and Westpac are all paying 2.05 per cent interest for $5,000 six-month term deposits.

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.

Bank of Sydney is paying investors 2.85 per cent interest for putting $5,000 into a six-month term deposits, while Bank Australia is paying 2.80 per cent.

UBank, ME Bank and Firstmac are paying 2.75 per cent for $5,000 six-month term deposits, while UniBank and Teachers Mutual Bank are paying 2.70 per cent.

Lender Interest rate* Final total
Bank of Sydney 2.85% $5,071.25
Bank Australia 2.80% $5,070.00
UBank 2.75% $5,068.75
ME Bank 2.75% $5,068.75
Firstmac 2.75% $5,068.75
UniBank 2.70% $5,067.50
Teachers Mutual Bank 2.70% $5,067.50
ANZ 2.10% $5,052.50
Commonwealth Bank 2.05% $5,051.25
NAB 2.05% $5,051.25
Westpac 2.05% $5,051.25

* This does not include any bonus interest rate offers.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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