June 2016

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NAB was the only one of the major banks to cut rates and it did so only for its 1 month rates, which it reduced by 25bps. With regards to smaller deposit taking institutions, of the 63 changes made only 9 were rises and five of those were from the one institution.

The institution in question was BankVic and it raised rates on terms of 1 year to 4 years by 10bps and while it added another 25bps to its 5 year term deposit. However, the moves which really stand out are the 75bps increase CUA put into place for its 9 month term and the 60bps increase from ME Bank on its 9 month deposit. In both cases the increases made the respective term deposit rate the highest in the survey.

However, most changes made during the month were in the other direction and many were in the 5bps to 15bps range. There were a few cuts which were larger in magnitude and Newcastle Permanent’s changes featured prominently among them. It reduced rates on terms from 2 years out by 30-50bps. It also reduced rates on terms from 3 months to 5 months by 10-20bps.

RaboDirect, with its 3.30% 5 year rate, has taken over from Newcastle Permanent as the institution offering the highest rate. ME Bank’s 6 month rate of 3.30% is still the one which stands out.

term-deposit- june16

TERM DEPOSITS 250K TO $1M+

Institution1 m
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2 m
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3 m
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4 m
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5 m
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6 m
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9 m
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1
Year
2
Year
3
Year
4
Year
5
Year
ANZ1.651.651.901.651.651.951.652.052.352.402.452.65
CBA1.902.002.352.002.002.002.002.452.602.702.802.90
NAB1.752.002.252.002.002.352.052.402.652.702.753.00
Westpac2.002.002.352.002.002.402.002.452.652.652.703.10
ADCU2.602.602.602.702.702.752.90
AMP Bank2.052.152.752.452.452.902.752.902.552.552.752.80
Arab Bank Australia2.002.252.702.902.902.902.852.852.902.953.003.10
Bank of Melbourne2.002.002.402.002.002.452.002.452.702.752.803.10
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 Australia2.802.802.852.852.853.003.003.103.153.203.203.25
Bankwest1.751.752.901.751.752.901.752.852.752.752.802.80
Bank of Sydney2.152.152.352.402.052.452.802.65
BankVic2.302.152.152.152.152.452.702.802.853.10
Beyond Bank2.402.602.502.602.602.752.902.90
Bendigo Bank1.502.302.402.001.752.552.552.602.752.903.003.10
BOQ2.002.002.752.002.002.852.652.752.602.652.65
Citibank0.931.001.101.341.341.331.581.591.271.201.101.01
CUA1.751.952.152.602.352.803.102.803.053.10
Defence Bank2.402.352.452.452.75
Delphi Bank2.052.552.602.552.652.452.752.852.903.003.20
Greater Building Society1.751.752.452.452.652.752.752.753.003.203.203.20
Heritage Bank2.452.552.753.052.652.852.702.902.902.953.003.00
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
IMB2.352.402.502.602.752.903.10
ING DIRECT2.502.502.702.502.602.80
Investec Bank Australia2.352.752.852.652.752.662.662.692.72
Macquarie Bank1.852.702.602.652.602.602.552.552.55
ME Bank2.302.302.402.402.503.303.103.053.003.003.103.20
Newcastle Permanent2.002.002.702.002.002.502.502.502.802.903.003.20
People's Choice Crdt Unn2.202.702.602.502.803.003.003.103.103.153.20
Police Bank2.702.702.60
P&N Bank2.503.002.802.652.952.702.903.003.103.103.10
QT Mutual Bank2.252.252.752.252.252.852.852.852.952.95
Rabobank Australia1.201.702.302.101.802.352.302.352.753.003.003.20
RaboDirect2.202.552.652.652.702.903.003.053.30
Rural Bank Limited2.002.002.752.002.002.752.902.852.902.902.903.10
St.Grge Bank - Except VIC2.002.002.402.002.002.452.002.452.702.752.803.10
Suncorp Bank2.202.302.752.752.603.002.902.802.853.003.003.00
Teachers Mutual Bank2.552.553.002.652.652.802.852.85
The Capricornian2.202.302.50
UBank2.202.812.813.012.813.01
Victoria Tchrs 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 1y are paid annually. Rates are checked each day on company websites and rate sheets. Arrows show rates that have changed in the month.