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Smaller banks paying the highest term deposit rates
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 |
Disclaimer
This article is over two years old, last updated on March 17, 2019. 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 26 Apr, 2024
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