Most banks are currently offering 'good' term deposit rates. Some are currently high enough to beat CPI inflation.
This is unusual, and long-suffering savers will probably be contemplating locking in high rates while they are here. It is not always like this.
Our term deposit rate tables here and here report actionable rates across all account types each bank offers.
But here is a summary table of the best rates for a six month term, sorted high-to-low.
| Best for six months |
||
| Alternate close term | ||
| % | ||
| AMP Bank | 4.70 | 4.75% for 11 mths |
| Bank Australia | 4.60 | |
| ING | 4.45 | |
| Bank of Queensland | 4.40 | 4.45% for 9 mths |
| Greater Bank | 4.35 | |
| Macquarie | 4.35 | |
| Teachers Mutual | 4.35 | 4.55% for 7 mths |
| Qudos Bank | 4.30 | |
| HSBC | 4.25 | |
| Heritage Bank | 4.15 | |
| Great Southern Bank | 4.05 | 4.55% for 7 mths |
| Suncorp | 3.85 | |
| Newcastle Permanent | 3.75 | |
| ANZ | 3.20 | |
| CommBank | 3.20 | |
| NAB | 3.20 | |
| Bendigo | 3.00 | 4.00% for 8 mths |
| Westpac | 3.00 | 4.38% for 8 mths |
Note, the best rates aren't always for exactly six months. To distinguish themselves, many banks off good rates for odd terms, and these are noted above.
And here is the same ranked listing for a one year TD term.
| Best for one year |
||
| Alternate close term | ||
| % | ||
| AMP Bank | 4.80 | |
| ANZ | 4.80 | |
| ING | 4.80 | |
| Bank Australia | 4.70 | |
| Macquarie | 4.70 | |
| Qudos Bank | 4.70 | |
| Great Southern Bank | 4.65 | |
| Teachers Mutual | 4.55 | |
| Bank of Queensland | 4.50 | |
| Newcastle Permanent | 4.50 | |
| Greater Bank | 4.50 | |
| CommBank | 4.35 | |
| Westpac | 4.35 | |
| NAB | 4.35 | |
| Heritage Bank | 4.15 | |
| Suncorp | 4.00 | 4.60% for 18 mths |
| Bendigo | 3.80 | |
| HSBC | 3.40 |
Looking at them this way, you can easily see where you could go to get better rates. And clearly it isn't usually the big banks. Although there are occasional exceptions, easily spotted above.
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