BREAKING NEWS: RBA holds cash rate at 4.35% in March 2024Learn more
RateCity.com.au
  1. Home
  2. Term Deposits
  3. News
  4. Bank of Sydney and UBank lead the way for short term deposits

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

Nick Bendel avatar
Nick Bendel
- 2 min read
Bank of Sydney and UBank lead the way for short term deposits

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

LenderInterest rateFinal total
Bank of Sydney2.70%$1,006.75
UBank2.70%$1,006.75
ME Bank2.50%$1,006.25
Macquarie Bank2.45%$1,006.12
Arab Bank Australia2.40%$1,006.00

$5,000 for 3 months

LenderInterest rateFinal total
Bank of Sydney2.70%$5,033.75
UBank2.70%$5,033.75
ME Bank2.50%$5,031.25
MyState2.50%$5,031.25
The Rock2.50%$5,031.25

$10,000 for 3 months

LenderInterest rateFinal total
Bank of Sydney2.70%$10,067.50
UBank2.70%$10,067.50
ME Bank2.50%$10,062.50
MyState2.50%$10,062.50
The Rock2.50%$10,062.50
Qudos Bank2.50%$10,062.50

Disclaimer

This article is over two years old, last updated on June 3, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent term deposits articles.

Compare term deposits

Product database updated 19 Mar, 2024

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