Suncorp Bank is offering Term Deposit interest rates of 4.3% for 7 months and 4.25% for 12 months.MyState’s Term Deposit is to rise, with a 0.25% increase to the six-month terms to 4.40%, and a 2.50% increase to the five-month term to 4.50% effective.Commonwealth Bank announced following the RBA meeting that it will extend its 12-month 4.35% p.a.Term depositsĪt the time of writing, only a few banks and Authorised Deposit-taking Institutions (ADIs) had announced term deposit interest rate hikes so far this May: While borrowers may be bracing for higher repayments, Australians holding savings accounts and term deposits could potentially look forward to earning more interest on their wealth if the cash rate hike is passed on as higher interest rates. Some experts are forecasting at least one more increase to come, possibly in August 2023. This may not be the last rate rise we’ll see in 2023, either. Many Australians were taken by surprise when the Reserve Bank of Australia (RBA) chose to raise the national cash rate by 25 points to 3.85% in May 2023, following a pause the month before.
