Half a dozen lenders are paying 3.00 per cent interest on three-year term deposits, new research has found.
Australian Unity, ME Bank, Qudos Bank, RACQ Bank, Teachers Mutual Bank and UniBank have interest rates of 3.00 per cent for three-year term deposits (see table below).
Investors who took out a $10,000 term deposit for three years would receive $10,900 at the end of their three-year term.
People’s Choice Credit Union, QBank and RaboDirect are paying 2.90 per cent for three-year term deposits, which would result in a final payout of $10,870.
Australia’s big four banks are paying lower interest rates for three-year term deposits (see table below).
ANZ, NAB and Westpac are paying 2.50 per cent interest, while Commonwealth Bank is paying 2.30 per cent.
Three-year, $10,000 term deposits – challenger lenders
| Lender | Interest rate | Final total |
|---|---|---|
| Australian Unity | 3.00% | $10,900 |
| ME Bank | 3.00% | $10,900 |
| Qudos Bank | 3.00% | $10,900 |
| RACQ Bank | 3.00% | $10,900 |
| Teachers Mutual Bank | 3.00% | $10,900 |
| UniBank | 3.00% | $10,900 |
| People’s Choice Credit Union | 2.90% | $10,870 |
| QBank | 2.90% | $10,870 |
| RaboDirect | 2.90% | $10,870 |
Three-year, $10,000 term deposits – big four banks
| Lender | Interest rate | Final total |
|---|---|---|
| ANZ | 2.50% | $10,750 |
| NAB | 2.50% | $10,750 |
| Westpac | 2.50% | $10,750 |
| Commonwealth Bank | 2.30% | $10,690 |
