Currently, both Judo Bank and Heartland Bank offer the highest term deposit interest rate at 5.15% per annum. This rate is available for different terms with each bank.
Top Term Deposit Rates Overview
Based on recent data, the most competitive term deposit rates are offered by multiple institutions, with the highest rate being shared by two banks. Understanding the various terms and rates available is crucial for choosing the best option for your savings goals.
Here's a breakdown of the leading term deposit rates:
| Bank | Term | % Rate Per Annum |
|---|---|---|
| Judo Bank | 6 Months | 5.15% |
| Heartland Bank | 9 Months | 5.15% |
| Heartland Bank | 12 Months | 5.10% |
| Judo Bank | 2 Years | 4.75% |
Rates are subject to change and may vary based on specific conditions or promotional offers.
Key Considerations When Comparing Term Deposits
While securing the highest interest rate is a primary goal, it's important to consider other factors that influence your investment:
- Term Length: The length of time you are willing to lock away your funds significantly impacts the available interest rates. As seen above, Judo Bank offers 5.15% for 6 months, while Heartland Bank offers the same rate for 9 months. Longer terms often, but not always, come with slightly different rates.
- Access to Funds: Term deposits lock your money away for a fixed period. Understand the penalties or conditions for early withdrawal, as this can affect your ability to access your funds in an emergency.
- Minimum Deposit: Banks often have minimum deposit requirements for term accounts. Ensure the amount you wish to invest meets these criteria.
For a comprehensive comparison of current high-interest term deposit rates and to explore further options, you can visit financial comparison websites such as InfoChoice. This allows you to filter by term length, bank, and other preferences to find the best fit for your financial strategy.
