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6-month term deposits paying up to 2.85% interest
Smaller lenders are paying some of the highest interest rates for six-month term deposits, a new market analysis has found.
For anyone who wants to invest $10,000 over six months, the highest interest rate right now is 2.85 per cent.
Three lenders are offering this rate – Arab Bank, Bank of Sydney and RaboDirect (see table below).
That $10,000 term deposit would pay $142.50 of interest at the end of the six months.
MyState Bank is paying 2.80 per cent, while five other lenders are paying 2.75 per cent – Firstmac, Macquarie Bank, ME Bank, Rural Bank One and UBank.
By comparison, ANZ and NAB have interest rates of 2.10 per cent for six-month term deposits, while Commonwealth Bank and Westpac have rates of 2.05 per cent.
$10,000, six-month term deposits – challenger lenders
| Lender | Interest rate | Final total |
|---|---|---|
| Arab Bank | 2.85% | $10,142.50 |
| Bank of Sydney | 2.85% | $10,142.50 |
| RaboDirect | 2.85% | $10,142.50 |
| MyState Bank | 2.80% | $10,140 |
| Firstmac | 2.75% | $10,137.50 |
| Macquarie Bank | 2.75% | $10,137.50 |
| ME Bank | 2.75% | $10,137.50 |
| Rural Bank One | 2.75% | $10,137.50 |
| UBank | 2.75% | $10,137.50 |
$10,000, six-month term deposits – big four banks
| Lender | Interest rate | Final total |
|---|---|---|
| ANZ | 2.10% | $10,105 |
| NAB | 2.10% | $10,105 |
| Commonwealth Bank | 2.05% | $10,102.50 |
| Westpac | 2.05% | $10,102.50 |
Disclaimer
This article is over two years old, last updated on February 16, 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 Nov, 2024
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