Challenger banks and credit unions are currently offering some of the highest interest rates in Australia for one-year term deposits.
UBank and Gateway Bank have increased some of their term deposit interest rates.
Investors who want to put $10,000 in a three-year term deposit may want to ignore the big four banks, which are not paying the highest interest rates in Australia.
A range of smaller lenders are offering significantly higher interest rates than the big four banks for six-month term deposits.
Term deposits with some of the highest interest rates in Australia are paying little more than the inflation rate, new research has found.
Several institutions have made recent changes to their term deposit rates, including Gateway Bank and Teachers Mutual Bank, as they race to become a market leader in a time of uncertain conditions.
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.
^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.