Best term deposit rates for February: Judo, ING, AMP + more
Term deposit rates have been creeping higher over the past few months.
If you've been wanting to lock some cash away in a term deposit it could be a good time to do it.
Term deposit interest rates have been creeping higher and higher over the past few months, in anticipation of the RBA raising the cash rate (which it did in February).
You can open a term deposit for as little as 30 days to up to 5 years.
Although, some of the best term deposit rates right now are for shorter terms between 6 and 12 months.
Want to lock in a high rate?
Compare term deposits and secure a great fixed rate.
Top 6-month term deposit rates in February
AMP Bank Go Term Deposit
You can earn a fixed rate of 4.70% p.a. on a 6-month term for balances between $5,000 and $10 million.
Macquarie Bank Term Deposit
You can earn a fixed rate of 4.60% p.a. on balances between $5,000 and $999,999.
Qudos Bank Term Deposit
You can earn a fixed rate of 4.60% p.a. on balances over $10,000.
Top 12-month term deposit rates in February
Heartland Bank Term Deposit
You can earn a great fixed rate of 4.88% p.a. on balances between $10,000 and $1 million.
AMP Bank Go Term Deposit
You can earn a fixed rate of 4.80% p.a. on balances between $5,000 and $10 million.
Community First Bank Term Deposit
This bank is currently offering a special offer fixed rate of 4.75% p.a. on balances between $10,000 and $1 million.
Judo Bank Term Deposit
You can lock in a fixed rate of 4.75% p.a. on balances starting from just $1,000.
MOVE Bank Term Deposit
MOVE is also offering a fixed rate of 4.75% p.a., which is available on balances between $5,000 and $2 million.
Not sure if you want to commit to locking your cash away for a while? You can earn a decent interest rate with a savings account instead, which allows you to access your cash whenever you need it.
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