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

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

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.

LenderInterest rate*Final total
Bank of Sydney2.85%$5,071.25
Bank Australia2.80%$5,070.00
ME Bank2.75%$5,068.75
Teachers Mutual Bank2.70%$5,067.50
Commonwealth Bank2.05%$5,051.25

* This does not include any bonus interest rate offers.

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.



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