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Five-year term deposits paying up to 3.50%
If you’re planning to take out a five-year term deposit, some smaller lenders may offer higher rates than the big four banks, new research has found.
RateCity analysis has found a range of banks and credit unions that pay higher interest rates for a $20,000 sum invested over five years.
ANZ, NAB and Westpac are all paying 2.80 per cent, while Commonwealth Bank is paying 2.65 per cent (see table below).
However, the big four are no match for four smaller lenders – RaboBank (3.50 per cent), RaboDirect (3.50 per cent), Greater Bank (3.20 per cent) and AMP Bank (3.05 per cent).
Investing $20,000 for five years with the big four banks
| Lender | Interest rate | Final total |
|---|---|---|
| ANZ | 2.80% | $22,800 |
| NAB | 2.80% | $22,800 |
| Westpac | 2.80% | $22,800 |
| Commonwealth Bank | 2.65% | $22,650 |
Investing $20,000 for five years with the four rival lenders
| Lender | Interest rate | Final total |
|---|---|---|
| RaboBank | 3.50% | $23,500 |
| RaboDirect | 3.50% | $23,500 |
| Greater Bank | 3.20% | $23,200 |
| AMP Bank | 3.05% | $23,050 |
There are also at least a dozen other lenders in Australia paying more than the big four banks on five-year term deposits:
| Lender | Interest rate | Final total |
|---|---|---|
| Big Sky Building Society | 3.00% | $23,000 |
| G&C Mutual Bank | 3.00% | $23,000 |
| Heritage Bank | 3.00% | $23,000 |
| IMB Bank | 3.00% | $23,000 |
| ME Bank | 3.00% | $23,000 |
| People’s Choice Credit Union | 3.00% | $23,000 |
| Arab Bank Australia | 2.90% | $22,900 |
| Bank First | 2.90% | $22,900 |
| BankVic | 2.90% | $22,900 |
| Macquarie Bank | 2.90% | $22,900 |
| Qbank | 2.90% | $22,900 |
| RACQ Bank | 2.90% | $22,900 |
Disclaimer
This article is over two years old, last updated on July 14, 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.
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Product database updated 16 Apr, 2024
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