Bank of Sydney and UBank lead the way for short term deposits



article header

Smaller lenders are offering the highest interest rates for three-month term deposits, new research has found.

A RateCity analysis of the term deposit market has found that Bank of Sydney and UBank lead the way, with interest rates of 2.70 per cent (see tables below).

However, investors would need to deposit significant amounts of money to earn any meaningful interest.

Investors would earn $6.75 of interest on a $1,000 term deposit, $33.75 on a $5,000 term deposit and $67.50 on a $10,000 term deposit.

Arab Bank Australia, Macquarie Bank, ME Bank, MyState, Qudos Bank and The Rock are also offering some of the highest three-month term deposit rates in Australia right now.

$1,000 for 3 months

Lender Interest rate Final total
Bank of Sydney 2.70% $1,006.75
UBank 2.70% $1,006.75
ME Bank 2.50% $1,006.25
Macquarie Bank 2.45% $1,006.12
Arab Bank Australia 2.40% $1,006.00

$5,000 for 3 months

Lender Interest rate Final total
Bank of Sydney 2.70% $5,033.75
UBank 2.70% $5,033.75
ME Bank 2.50% $5,031.25
MyState 2.50% $5,031.25
The Rock 2.50% $5,031.25

$10,000 for 3 months

Lender Interest rate Final total
Bank of Sydney 2.70% $10,067.50
UBank 2.70% $10,067.50
ME Bank 2.50% $10,062.50
MyState 2.50% $10,062.50
The Rock 2.50% $10,062.50
Qudos Bank 2.50% $10,062.50

 

Advertisement

^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.

Compare your product with the big 4 banks, or add more products to compare
As seen on