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

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

After four month’s of rates being on hold, the RBA increased the cash rate to 4.35 per cent in their November meeting. So what does that mean for savers looking to park their cash in to a savings account and term deposits? Or put simply, which bank(s) if any passed the latest rate increase on to savers? Let’s find out…

The good news is, there are plenty of banks offering rates with a five (5) in front of them for term deposits! Including Judo Bank who leads the way for the highest term deposit rates across most periods, whilst AMP, Firstmac and Bank of Sydney are keeping things competitive.

Savings rates we see a broader range of small, regional and larger banks competing. Including Rabobank Australia, Unity Bank, BOQ, Suncorp and Macquarie – just to name a few.

But there are a handful of other banks offering competitive rates that you may already be banking with (to avoid you having to move money between banks). 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 November 2023.

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

Here’s the top 10 savings rates list based on the highest base rate available. We also include any special or promotional rates within the savings term that you can take advantage of within the period. Out of the top 10 banks with highest base rate, there were four that offered a special rate (marked in italics) over a specified period – which all seem to be four months.

Rates below as at 12 November 2023. Before committing, be sure to confirm the base rate and when the promotion term finishes in case they’ve changed it overnight.

Rabobank Australia – Notice Saver 90 Day @ 5.00%
Conditions: For deposit amounts $0 – $249,999
Promotion: NA

Unity Bank – MoneyMAX Account @ 4.90%
Conditions: NA
Promotion: NA

BOQ – Simple Saver @ 4.60%
Conditions: For deposit amounts $0 – $5,000,000
Promotion: NA

Suncorp Bank – FlexiRate 6mth OR 12mth Notice @ 4.55%
Conditions: For deposit amounts $0 – $1,000,000
Promotion: NA

Macquarie Bank | Savings Account @ 4.50%
Conditions: For deposit amounts $0 – $249,999
Promotion: 5.50% for the first 4 months, then 4.50% ongoing

Australian Unity | Freedom Saver @ 4.25%
Conditions: For deposit amounts $0 – $50,000
Promotion: NA

nabtrade | High Interest Account @ 4.25%
Conditions: For deposit amounts $0 – $1,000,000
Promotion: NA

Rabobank Australia | High Interest Savings Account @ 4.20%
Conditions: For deposit amounts $0 – $250,000
Promotion: 5.60% for the first 4 months, then 4.2% ongoing

Australian Unity | Easy Saver Plus @ 4.10%
Conditions: NA
Promotion: 5.10% for the first 4 months, then 4.1% ongoing

Bankwest | Easy Saver @ 4.00%
Conditions: For deposit amounts $0 – $250,000
Promotion: 4.85% for the first 4 months, then 4% ongoing

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

Based on Canstar’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

• 4.85% p.a. Firstmac – For deposit amounts $5,000 – $5,000,000
• 4.80% p.a. Judo Bank – For deposit amounts $1,000 – $999,999
• 4.80% p.a. Bank of Sydney – For deposit amounts $1,000 – $1,000,000
• 4.80% p.a. Macquarie Bank – For term deposits of $1 million and under
• 4.70% p.a. AMP Bank – For deposit amounts $5,000 – $24,999

Best 6-month term deposit rates

• 5.05% p.a. Bank of Sydney – For deposit amounts $1,000 – $1,000,000
• 5.05% p.a. Judo Bank – For deposit amounts $1,000 – $999,999
• 5.05% p.a. Firstmac – For deposit amounts $5,000 – $5,000,000
• 4.95% p.a. AMP Bank – For deposit amounts $5,000 – $24,999
• 4.95% p.a. Bank Australiay – For deposit amounts $500 – $1,000,000

Best 12-month term deposit rates

• 5.25% p.a. Bank of Sydney – For deposit amounts $1,000 – $1,000,000
• 5.25% p.a. Judo Bank – For deposit amounts $1,000 – $999,999
• 5.20% p.a. AMP Bank – For deposit amounts $5,000 – $24,999
• 5.05% p.a. Firstmac – For deposit amounts $5,000 – $5,000,000
• 5.05% p.a. Macquarie Bank – For term deposits of $1 million and under

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
• 5.25% with Bank of Sydney
• 5.05% with Bank Australia

Between 12 months to 5 years?
If you’re looking to put your money in a term deposit for a longer period, Judo Bank continues to be the leader in rate returns, at 0.25% higher per year than the next highest bank (Macquarie Bank at 5.00%). So, if you’re someone that would rather lock it in for longer and forget about it, you can’t go wrong with a 5.25% term deposit over a five year term.

• 1-year term: 5.25% with Judo Bank
• 2-year term: 5.25% with Judo Bank
• 3-year term: 5.25% with Judo Bank
• 4-year term: 5.25% with Judo Bank
• 5-year term: 5.25% 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

2-years

• 5.25% p.a. at Judo Bank
• 5.20% p.a. at AMP Bank
• 5.20% p.a. at Greater Bank
• 5.20% p.a. at Newcastle Permanent
• 5.00% p.a. at Commonwealth Bank (Special Offer)
• 5.00% p.a. at G&C Mutual Bank
• 5.00% p.a. at Macquarie Bank

5-years

• 5.25% p.a. at Judo Bank
• 5.10% p.a. at Rabobank Australia
• 5.00% p.a. at Macquarie Bank
• 4.80% p.a. at AMP Bank
• 4.75% p.a. at BankVic

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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