Term deposits November: AMP, Judo, Heritage Bank and more increase rates in last few months of 2021

By Tara McCabe · · 2 min read
Fact Checked
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Over the last few months, more than a few term deposit providers have been increasing rates. In October alone Mozo’s research team counted 51 interest rate increases from 10 term deposit providers tracked in our database.**

Among the banks who have increased rates in recent weeks are AMP, Judo Bank and Heritage Bank. These latest changes have seen AMP and Judo Bank vying for the top spots in the Mozo database for a number of term lengths.

AMP and Judo compete for top spots

In last month’s term deposit snapshot, we reported that Judo Bank’s 1-year term deposit had dropped out of the top spot in the Mozo database.

Since then Judo Bank has raised the 1-year term deposit interest rate by 24 basis points. It now offers a rate of 0.99% p.a. - a mere 1 basis point less than AMP’s 1-year term, which is currently taking out the top spot for 1-year terms in the Mozo database.**

AMP Bank also increased interest rates for multiple term deposits by as much as 25 basis points. It now takes out the top spots for a number of shorter terms, including 5-month, 7-month, 8-month, 10-month and 11-month terms.**

Mozo’s top term deposits

Want to know what the top term deposits are in the Mozo database? Our research team tracks numerous term deposits available in Australia on a daily basis.

The term deposits listed below currently offer the highest interest rate in the Mozo database for their respective terms.**

  • 0.50% p.a. with MyLife MyFinance’s 1-month term deposit
  • 0.82% p.a. with Judo Bank’s 3-month term deposit
  • 0.89% p.a. with Judo Bank’s 6-month term deposit
  • 0.94% p.a. with Judo Bank’s 9-month term deposit
  • 1.00% p.a. with AMP’s 1-year term deposit

Judo Bank also offers the highest rates available in the Mozo database for 2, 3, 4 and 5-year terms. Despite cutting some rates for its longer terms more recently.

Head to Mozo’s compare term deposits page to see what other terms are on offer at the moment. Or check out the term deposit interest rates below.

**Interest rates and information correct as of 29 October 2021