Not only are term deposit rate offers up over 5% now, one bank is offering them for a less than a one year TD commitment

The rise and rise of the RBA's cash rate target, along with the heightened competition basically generated by Macquarie's aggressive hunt for more household deposits, has seen term deposit interest rates rise well above the CPI inflation rate.

And as we have noted earlier, some are now at the 5% level.

In fact, more are at or approaching that benchmark.

What is interesting recently is that we now have an over-5% rate for less than a one year TD commitment.

Great Southern Bank (CUA) is now offering 5.05% for a seven month term deposit. They offer 5.10% for a one year TD. Better still, if you are over 55 years, their Platinum Plus rate for 1 year is 5.20%

Here is a list of the 'best' (highest) rates for all the banks we cover. (You can find the comprehensive lists here and here.

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