15 Aug – 19 Aug 2016

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After the RBA reduced the official rate to 1.50% the major banks indicated they would be actually lifting some deposit rates after a short delay. This week two of them made a move, although one of the changes was actually a rate cut. CBA reduced 3 month rates by 25bps but raised 1 year, 2 year and 3 year rates by 50bps while NAB raised its 2 year rate by 45bps and its 3 year rate by 50bps.

Among the smaller institutions there were a number of modest rate reductions but at the same time there were a few rather largish-sized increases. BankVic, for instance, raised rates on 6 month terms by 25bps, 1 year terms by 35bps, 2 year terms by 50bps, 3 year terms by 40bps, 4 year terms by 35bps. It also raised some shorter-term rates by 10bps. However the real standout change was IMB’s 60bps increase on its 1 year term so it is 5bps short of the highest rate on offer for this term.

There were a few other modest rate reductions made by the other deposit-taking institutions in the YieldReport survey. See our tables below for these changes, as well as all the latest rates and terms which are available.

term-deposits-15aug

TERM DEPOSITS 250K TO $1M+

Institution1 m
nom
2 m
nom
3 m
nom
4 m
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5 m
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6 m
nom
9 m
nom
1
Year
2
Year
3
Year
4
Year
5
Year
ANZ1.401.401.651.401.401.701.401.802.102.152.202.40
CBA1.902.002.102.002.002.002.003.003.103.202.802.90
NAB1.752.002.252.002.002.352.052.403.103.202.753.00
Westpac2.002.002.352.002.002.402.003.003.103.202.703.10
ADCU2.602.602.602.702.702.752.90
AMP Bank2.052.152.752.452.452.852.752.802.552.552.752.80
Arab Bank Australia2.002.253.102.902.902.902.852.852.902.953.003.10
Bank of Melbourne2.002.002.402.002.002.452.003.003.103.202.803.10
Bank Australia2.552.552.552.552.552.752.852.95
BankSA2.002.002.402.002.002.452.002.452.702.752.803.10
Bank of Baroda Australia2.752.752.802.802.802.952.953.053.053.103.103.25
Bankwest1.751.753.001.751.752.701.753.002.752.752.802.80
Bank of Sydney1.901.902.102.151.802.202.552.40
BankVic2.302.002.002.402.002.63.003.003.003.00
Beyond Bank2.402.602.502.602.702.903.003.00
Bendigo Bank1.251.902.301.91.652.452.452.602.752.903.003.10
BOQ1.751.752.602.002.002.702.503.053.153.252.522.57
Citibank0.700.800.881.141.141.151.401.411.111.030.930.85
CUA1.501.952.152.502.352.702.852.702.802.80
Defence Bank2.402.352.452.452.75
Delphi Bank1.902.302.352.302.302.552.302.572.722.762.863.06
Greater Bank1.751.752.702.452.652.752.502.502.902.902.902.90
Heritage Bank2.402.502.703.002.602.802.652.852.852.902.952.95
Horizon Credit Union1.901.902.102.102.202.302.602.702.80
HSBC1.651.752.001.751.752.051.752.052.152.252.252.25
IMB2.352.403.002.602.752.803.00
ING DIRECT2.102.302.602.403.052.70
Investec Bank Australia1.752.602.702.503.053.153.252.572.61
Macquarie Bank1.852.552.502.602.752.552.402.402.40
ME (formerly ME Bank)2.302.302.402.502.503.002.9032.903.003.003.00
Newcastle Permanent2.002.002.802.002.002.502.503.003.103.202.903.10
People's Choice Cr Union2.202.602.703.002.802.803.003.203.203.053.10
Police Bank2.502.702.85
P&N Bank2.252.752.552.402.652.452.802.903.003.003.00
QT Mutual Bank2.252.252.652.252.252.852.852.852.952.953.053.15
Rabobank Australia1.001.502.201.851.602.302.252.252.602.803.003.20
RaboDirect2.002.402.652.652.702.903.003.053.30
Rural Bank Limited1.751.752.651.751.752.652.002.752.802.802.803.10
St.George Bank - Ex VIC2.002.002.402.002.002.452.003.003.103.202.803.10
Suncorp Bank1.751.852.252.052.152.702.453.003.102.602.652.70
Teachers Mutual Bank2.552.552.652.652.652.802.852.85
The Capricornian2.202.302.85
UBank2.203.012.902.912.902.86
Victoria Teachers Mtual Bank1.801.802.802.802.852.852.952.952.953.003.10
*For comparison purposes rates to 1y are paid at maturity. Rates longer than 1 year are paid annually. Rates are checked each day on company websites and rate sheets. Arrows show rates that have changed in the week.