ME has become the first bank in this current rate increasing cycle to offer an ongoing 12-month term deposit of 5.00% p.a. according to InfoChoice's research and database.
Transport Mutual Credit Union also has a 5% p.a. 12-month term deposit offered as a special offer for new customers, with a minimum deposit of $1,000.
For months others have hovered around the high-4s.
For ME's product, the rate applies for 12 to 18 month terms, with a minimum deposit of $5,000.
The maximum deposit is $2 million, and interest is paid at the end of term.
There is a 5 basis point reduction in the interest rate if savers opt for monthly interest payments.
12-month term deposit leaders - 14 June 2023
|Bank||% Rate Per Annum||Minimum Deposit|
Source: InfoChoice Product Database & Research. Interest paid at maturity unless otherwise stated.
*Special offer for new customers, deposits made from external bank account.
A host of banks also offer term deposit rates of 4.70% to 4.75% p.a. including Bendigo Bank, ING, and Citi.