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- Bank of Sydney paying top dollar for 6-month term deposits
Bank of Sydney paying top dollar for 6-month term deposits
A range of smaller lenders are offering significantly higher interest rates than the big four banks for six-month term deposits.
For borrowers who want to put $5,000 into a six-month term deposit with a big four bank, ANZ is paying the highest interest rate, at 2.10 per cent (see table below).
Commonwealth Bank, NAB and Westpac are all paying 2.05 per cent interest for $5,000 six-month term deposits.
However, it is smaller institutions, rather than the big banks, that are currently offering some of the highest interest rates in Australia for six-month term deposits.
Bank of Sydney is paying investors 2.85 per cent interest for putting $5,000 into a six-month term deposits, while Bank Australia is paying 2.80 per cent.
UBank, ME Bank and Firstmac are paying 2.75 per cent for $5,000 six-month term deposits, while UniBank and Teachers Mutual Bank are paying 2.70 per cent.
| Lender | Interest rate* | Final total |
|---|---|---|
| Bank of Sydney | 2.85% | $5,071.25 |
| Bank Australia | 2.80% | $5,070.00 |
| UBank | 2.75% | $5,068.75 |
| ME Bank | 2.75% | $5,068.75 |
| Firstmac | 2.75% | $5,068.75 |
| UniBank | 2.70% | $5,067.50 |
| Teachers Mutual Bank | 2.70% | $5,067.50 |
| ANZ | 2.10% | $5,052.50 |
| Commonwealth Bank | 2.05% | $5,051.25 |
| NAB | 2.05% | $5,051.25 |
| Westpac | 2.05% | $5,051.25 |
* This does not include any bonus interest rate offers.
Disclaimer
This article is over two years old, last updated on September 2, 2018. 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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