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

Where are the best rates across Cash Accounts & Term Deposits for June 2023 💰🏦

Whilst many experts weren’t expecting another rate increase in June, this has resulted to a jump in rates for savings and term deposit seekers which also came as a (pleasant) surprise for savers.

So where are the best rates? Macquarie Bank leads the way this month with the highest three and six month term deposits, and Judo Bank offering the best 12-month term deposit rate.

But there are a handful of other banks offering competitive rates, so let’s explore the best rates available for older Australians looking to park their cash with a bank savings account or term deposit.

Note: The resuls are based on the products across a range of comparison websites as at 12 June 2023.

Top 10 Savings accounts with high interest rates in June

For older Australians we’ve found the below bank savings accounts currently offer the highest rates in Australia (as at 12 June 2023). These rates include any promotional rates so check to confirm the base rate and when the promotion term finishes.

Macquarie Bank – Savings Account @ 5.30%
Conditions: NA

ING – Savings Maximiser @ 5.25%
Conditions: Deposit $1k external + 5 card pchs/mth + grow balance.

Great Southern Bank – Goal Saver @ 5.10%
Conditions: Deposit $500 in Everyday Edge and make 5 card purchases.

Bendigo Bank – Reward Saver @ 5.00%
Conditions: Age over 31. 4.70% Hold Transaction a/c, grow balance every month.

Bank of Queensland – Smart Saver @ 4.85%
Conditions: Age over 35. Deposit $1,000+ into linked account and make 5+ purchases per month

Bank of Melbourne – Incentive Saver Account @ 4.75%
Conditions: Age over 21. Grow $50 per month, a/c balance doesn’t go below $0.

Bank of SA – Incentive Saver Account @ 4.75%
Conditions: Age over 21. Grow $50 per month, a/c balance doesn’t go below $0.

St George – Incentive Saver Account @ 4.75%
Conditions: Age over 21. Grow $50 per month, a/c balance doesn’t go below $0.

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

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

Best 3-month term deposit rates

• 4.60% p.a. Macquarie Bank – $5,000 min. deposit and $1,000,000 max. deposit
• 4.40% p.a. Judo Bank – $1,000 min. deposit
• 4.35% p.a. Firstmac – $5,000 min. deposit and $5,000,000 max. deposit
• 4.35% p.a. Bank of Sydney – $1,000 min. deposit and $49,999 max. deposit

Best 6-month term deposit rates

• 4.75% p.a. Macquarie Bank – $5,000 min. deposit and $1,000,000 max. deposit
• 4.75% p.a. Firstmac – $5,000 min. deposit and $5,000,000 max. deposit
• 4.75% p.a. Judo Bank – $1,000 min. deposit
• 4.70% p.a. ING – $10,000 min. deposit
• 4.70% p.a. Bank of Sydney – $1,000 min. deposit and $49,999 max. deposit

Best 12-month term deposit rates

• 4.90% p.a. Judo Bank – $1,000 min. deposit
• 4.85% p.a. Firstmac – $5,000 min. deposit and $5,000,000 max. deposit
• 4.80% p.a. Macquarie Bank – $5,000 min. deposit and $1,000,000 max. deposit
• 4.70% p.a. Bendigo Bank – $5,000 min. deposit and $5,000,000 max. deposit
• 4.75% p.a. ME Bank – $5,000 min. deposit and $2,000,000 max. deposit

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:

• 4.90% with Judo Bank
• 4.75% with ING
• 4.70% with AMP Bank

Between 12 months to 5 years?
If you’re looking to put your money in a term deposit for a longer period, it looks like Judo Bank is the clear leader in rate returns. So, if you’re someone that would rather lock it in for longer and forget about it, you can’t go wrong with a 5% term deposit over a five year term.

• 1-year term: 4.90% with Judo Bank
• 2-year term: 4.90% with Judo Bank
• 3-year term: 4.90% with Judo Bank
• 4-year term: 4.90% with Judo Bank
• 5-year term: 5.00% with Judo Bank

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:

12-months

• 4.85% p.a. at Firstmac
• 4.85% p.a. at Transport Mutual Credit Union
• 4.80% p.a. at Judo Bank
• 4.75% p.a. at Australian Military Bank
• 4.75% p.a. at ING
• 4.75% p.a. at Orange Credit Union

24-months

• 4.85% p.a. at Judo Bank
• 4.65% p.a. at G&C Mutual Bank
• 4.65% p.a. at ING
• 4.60% p.a. at AMP Bank
• 4.55% p.a. at Qudos Bank
• 4.55% p.a. at MOVE Bank

5-years

• 5.00% p.a. at Judo Bank
• 4.70% p.a. at AMP Bank
• 4.50% p.a. at BankVic
• 4.50% p.a. at G&C Mutual 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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