Where are the best rates for June ’24 for Savings Accounts & Term Deposits

Where are the best rates across Cash Accounts & Term Deposits before EOFY June 2024 💰🏦

It came to no surprise that the Reserve Bank kept interest rates on hold at 4.35 per cent, now steady for seven months. Economists said the slight increase in unemployment in May tracked the RBA’s forecasts well, and monetary policy appeared to be having the intended dampening impact on Australia’s economy.

It was only a few months ago that economists and housing experts were still forecasting at least two rate cuts in 2024, however with a more uncertain outlook borrowers will be lucky that rates don’t go up rather than stay unchanged.

With the recent pivot in rate forecasts, some banks have increased their term deposit and saving rates a further 0.50% for the 3, 6 – 9 month period, whilst the 12-month and longer the rates have slightly decreased across the board.

Note: The resuls are based on the products across a range of comparison websites as at 25 June 2024.

Top 10 Savings accounts with high interest rates in June (Base rate)

Here’s the top 10 savings rates list based on the highest base rate available over a 6-month period, minimum $1.

Rates below as at 25 June 2024. Before committing, be sure to confirm the base rate and when the promotion term finishes in case they’ve changed it overnight.

Australian Unity – Freedom Saver @ 5.20%
Conditions: < $50,000

Unibank – Mighty Saver @ 5.00%
Conditions: < $20,000

Teacher’s Mutual Bank – Mighy Saver @ 5.00%
Conditions: < $20,000

Health Professionals Bank – Mighty Saver @ 5.00%
Conditions: < $20,000

Firefighters Mutual Bank – Mighty Saver @ 5.00%
Conditions: < $20,000

Rabobank – 60 day Notice Saver @ 4.95%
Conditions: < $250,000 Promotion: 5.75% Intro rate for 4 months then 4.40% p.a.

ANZ – Plus ANZ Save @ 4.00%
Conditions: For deposit amounts $0 – $250,000

Australian Unity – Easy Saver Plus @ 4.10%
Promotion: 5.10% Intro rate for 4 months then 4.10% p.a.

bankwest – Easy Saver @ 4.10%
Conditions: For deposit amounts $0 – $250,000
Promotion: 5.10% Intro rate for 4 months then 4.00% p.a.

Term deposits – Which bank has the best rates in June?

Based on Canstar’s website, below are their best term deposits over 3, 6 and 12 months for the month of June.

Best 3-4-month term deposit rates

• 5.00% p.a. MOVE Bank – For deposit amounts $5,000 – $2,000,000
• 5.00% p.a. Judo Bank – For deposit amounts $1,000 – $2,000,000
• 5.00% p.a. ME (4 months) – For deposit amounts $5,000 – $2,000,000
• 4.90% p.a. Australian Unity – For deposit amounts over $5,000
• 4.90% p.a. BOQ (4 months) – For term deposits $5,000 – $250,000
• 4.75% p.a. Bank of Sydney – For term deposits $1,000 – $1,000,000
• 4.75% p.a. ING – For deposit amounts $1,000 – $5,000,000

Best 6-month term deposit rates

• 5.25% p.a. MOVE Bank – For deposit amounts $5,000 – $2,000,000
• 5.25% p.a. Judo Bank – For deposit amounts $1,000 – $2,000,000
• 5.10% p.a. BOQ – For term deposits $5,000 – $250,000
• 5.10% p.a. ME – For deposit amounts $5,000 – $2,000,000
• 5.10% p.a. Australian Unity – For deposit amounts over $5,000
• 5.05% p.a. ING – For deposit amounts $10,000 – $5,000,000
• 5.00% p.a. AMP Bank – For deposit amounts $5,000 – $24,999
• 5.00% p.a. Bank Australia – For deposit amounts $500 – $1,000,000

Best 12-month term deposit rates

• 5.30% p.a. MOVE Bank – For deposit amounts $5,000 – $2,000,000
• 5.25% p.a. Judo Bank – For deposit amounts $1,000 – $2,000,000
• 5.05% p.a. BOQ – For term deposits $5,000 – $250,000
• 5.00% p.a. AMP Bank – For deposit amounts $5,000 – $24,999
• 5.00% p.a. Bank of Sydney – For deposit amounts $1,000 – $1,000,000
• 5.00% p.a. ING – For deposit amounts $10,000 – $5,000,000

Term deposits for $100k+
If you’re got a large balance of $100,000 or more, make sure you look for a term deposit that can be opened for larger balances. Some term deposits are only for smaller deposits of $10,000, $25,000 or $50,000 max.

Here are a few of the best 12-month term deposit rates for balances over $100,000:

• 5.25% with Judo Bank
• 5.00% with MyState Bank
• 4.80% with NAB
• 4.80% with Unity Bank
• 4.75% with Heritage Bank

Between 12 months to 5 years?
If you’re looking to put your money in a term deposit for a longer period than 12 months below are the top movers for highest rates available as at 25 June 2024 with a minumum deposit of $5,000. Judo Bank continues to be the leader in rate returns, with a new entrant G&C Mutual Bank atop the list. Rabobank makes its mark with a competitive 5-year term at 5.10% along with Judo Bank.

• 1-year term: G&C Mutual Bank at 5.40% and Judo Bank at 5.25%
• 2-year term: Judo Bank at 5.10% and G&C Mutual Bank at 4.85%
• 3-year term: Judo Bank at 5.00% and G&C Mutual Bank at 4.85%
• 4-year term: Judo Bank at 5.00% and G&C Mutual Bank at 4.25%
• 5-year term: Judo Bank at 5.10% and rabobank at 4.10%

Once you have your shortlist, another good practise is to work out the actual amount earned at the maturity date of each term deposit. Because moving your money out of one bank and into another can be arduous, and in the end it may only earn you an extra $50 over the period.

Before deciding on a term deposit, please be mindful that other providers are offering similar rates so it’s always a good to idea to research your options and compare rates, features and terms and conditions, and to consider seeking the advice of a suitably qualified professional. For example, other competitive bank rates 12 months and longer based on Canstar’s website with a mininum of $10,000:

12-months

• 5.30% p.a. at Great Southern Bank
• 5.25% p.a. at Bank of Sydney
• 5.25% p.a. at Judo Bank
• 5.05% p.a. at G&C Mutual

2-years

• 5.20% p.a. at Judo Bank
• 4.85% p.a. at G&C Mutual Bank
• 4.75% p.a. at AMP Bank
• 4.75% p.a. at Community First Bank
• 4.70% p.a. at MOVE Bank
• 4.70% p.a. at Qudos Bank

5-years

• 5.25% p.a. at Judo Bank
• 5.10% p.a. at Rabobank Australia
• 4.25% p.a. at G&C Mutual
• 4.25% p.a. at Macquarie Bank

Pros and cons of term deposits

Is money safe in a term deposit?

All term deposits (listed on this page) are covered under the Australian government’s financial claims guarantee scheme. This scheme provides protection for deposits up to $250,000 with authorised deposit-taking institutions (ADIs), such as your bank, mutual bank or credit union, in the event that the ADI fails.

However, please be careful of unfamiliar businesses advertising extremley high returns as these are often unsecured with no government gaurantee, or are fraudulent. As they say, if it’s “too good to be true”…

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