Summary: Large number of rate changes again, all 89 up; notable changes made by Citibank, Teachers Mutual; Judo now offers highest rate in survey.
There were a large number of rate changes made by banks, building societies and other approved deposit-taking institutions (ADIs) again in this week’s YieldReport survey. All 89 changes took the form of rate increases and none of the major banks raised their rates.
Among the smaller ADIs, the most notable changes came from Citibank. Its 1-month rate was raised by 10bps and its 3-month rate was raised by 60bps. However, those increases were modest compared to those on longer-term deposits. Citibank’s 6-month, 9-month and 12-month rates were raised by 125bps, 135bps and 210bps respectively while its rates on terms of 2 years and longer were all raised by 265bps.
Teachers Mutual Bank’s changes were also outsized but much more limited. Its 9-month rate was increased by 20bps, the 12-month rate was raised by 40bps while the rates on 2-year and 3-year deposits were increased by 240bps and 300bps respectively.
See our table below for any other changes as well as the latest rates and terms which are available. Judo Bank’s 5-year deposit now offers the highest rate in this week’s survey after it was raised by 40bps.
| Institution | 1 m nom | 2 m nom | 3 m nom | 4 m nom | 5 m nom | 6 m nom | 9 m nom | 1 Year | 2 Year | 3 Year | 4 Year | 5 Year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ANZ | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.10 | 0.10 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 |
| CBA | 0.10 | 0.12 | 0.15 | 0.20 | 0.25 | 0.30 | 0.45 | 0.65 | 1.00 | 1.50 | 1.80 | 2.00 |
| NAB | 0.10 | 0.10 | 0.15 | 0.20 | 0.20 | 0.30 | 0.50 | 2.25 | 1.00 | 1.60 | 1.80 | 2.00 |
| Westpac | 0.05 | 0.05 | 0.07 | 0.07 | 0.10 | 0.15 | 0.20 | 0.25 | 0.30 | 0.30 | 0.30 | 0.30 |
| Military Bank | 0.40 | 0.40 | 0.40 | 0.50 | 0.50 | 0.75 | 2.30 | 2.30 | ||||
| AMP Bank | 0.10 | 0.20 | 0.35 | 0.35 | 1.90 | 1.90 | 2.50 | 2.90 | 3.65 | 3.90 | 4.05 | 4.15 |
| Arab Bank Australia | 0.15 | 0.20 | 0.80 | 0.50 | 0.50 | 2.15 | 2.00 | 1.50 | 1.50 | 1.50 | 1.50 | 1.50 |
| Bank of Melbourne | 0.05 | 0.05 | 0.07 | 0.07 | 0.10 | 0.15 | 0.20 | 0.25 | 0.30 | 0.30 | 0.30 | 0.30 |
| Bank Australia | 1.00 | 1.00 | 1.00 | 2.00 | 2.25 | 3.00 | 3.00 | 3.50 | ||||
| BankSA | 0.05 | 0.05 | 0.07 | 0.07 | 0.10 | 0.15 | 0.20 | 0.25 | 0.30 | 0.30 | 0.30 | 0.30 |
| Bankwest | 0.25 | 0.40 | 0.55 | 0.55 | 0.55 | 1.00 | 0.75 | 2.30 | 2.30 | 2.30 | 2.30 | 2.30 |
| Bank of Sydney | 0.60 | 0.80 | 1.45 | 1.35 | 1.45 | 1.90 | 1.90 | 2.15 | ||||
| BankVic | 1.05 | 1.05 | 1.05 | 1.05 | 1.05 | 1.05 | 1.10 | 1.10 | 0.65 | 1.10 | ||
| Beyond Bank | 0.50 | 0.75 | 1.50 | 2.00 | 2.50 | 2.50 | 2.50 | 2.50 | ||||
| Bendigo Bank | 0.10 | 0.10 | 0.20 | 0.20 | 0.20 | 0.45 | 1.50 | 2.00 | 2.05 | 2.20 | 2.30 | 2.40 |
| Bank of Queensland | 0.05 | 0.08 | 1.25 | 0.10 | 0.10 | 2.00 | 1.75 | 2.75 | 3.00 | 3.00 | 3.00 | |
| BOQ Specialist | 1.75 | 0.40 | 2.50 | 2.75 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | |||
| Citibank | 0.25 | 1.25 | 1.90 | 2.00 | 2.75 | 3.30 | 3.30 | 3.30 | 3.30 | |||
| CUA | 0.60 | 0.75 | 1.25 | 0.50 | 0.50 | 2.00 | 2.20 | 3.00 | 3.40 | 3.45 | 3.75 | 3.85 |
| Defence Bank | 0.35 | 0.35 | 0.60 | 0.60 | 0.65 | 1.10 | 1.20 | 1.90 | 3.00 | |||
| Greater Bank | 0.10 | 0.10 | 0.75 | 0.75 | 0.20 | 0.75 | 1 | 1.25 | 1.50 | 1.75 | 2.00 | 2.25 |
| Heritage Bank | 0.20 | 0.30 | 0.55 | 0.60 | 0.40 | 0.40 | 1.20 | 2.05 | 2.05 | 2.05 | 2.25 | 2.50 |
| Horizon Credit Union | 0.60 | 0.70 | 0.80 | 0.90 | 1.10 | 1.30 | 2.40 | 2.80 | 3.00 | |||
| HSBC | 0.25 | 0.30 | 0.85 | 0.65 | 0.65 | 1.25 | 1.75 | 2.50 | 3.00 | 3.00 | 3.00 | 3.00 |
| IMB | 0.10 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 1.25 | 1.50 | 1.75 | 2.00 |
| ING Direct | 0.85 | 0.85 | 1.90 | 1.90 | 2.75 | 3.10 | ||||||
| Judo Bank | 1.15 | 1.85 | 2.10 | 3.15 | 3.40 | 4.00 | 4.15 | 4.25 | ||||
| Macquarie Bank | 0.05 | 0.05 | 1.25 | 1.25 | 1.90 | 2.20 | 2.75 | 3.30 | 3.35 | 3.50 | 3.50 | |
| ME Bank | 0.15 | 0.15 | 1.50 | 0.40 | 0.40 | 2.50 | 2.75 | 3.00 | 3.25 | 3.25 | 3.25 | 3.25 |
| MyState | 0.50 | 0.50 | 1.00 | 1.30 | 2.00 | 1.75 | 2.50 | 3.05 | 3.35 | |||
| Newcastle Permanent | 0.15 | 0.15 | 0.60 | 0.50 | 0.50 | 1.20 | 1.20 | 2.25 | 2.30 | 2.30 | 2.30 | 2.30 |
| People's Choice Credit Union | 0.40 | 1.25 | 0.60 | 0.60 | 1.60 | 1.10 | 2.35 | 2.50 | 2.70 | 2.70 | 2.70 | |
| Police Bank | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 1.00 | 2.00 | ||||
| P&N Bank | 0.85 | 1.25 | 1.00 | 1.00 | 1.75 | 1.00 | 2.25 | 2.25 | 3.00 | 3.00 | 3.00 | |
| QT Mutual Bank | 0.05 | 0.50 | 0.80 | 0.95 | 1.10 | 1.30 | 1.90 | 2.50 | 2.75 | 3.00 | 3.25 | 3.50 |
| Rabobank Australia | 0.30 | 0.30 | 0.85 | 0.85 | 0.85 | 2.10 | 2.50 | 3.00 | 3.30 | 3.35 | 3.50 | 3.50 |
| Rural Bank | 0.10 | 0.10 | 0.20 | 0.20 | 0.20 | 0.75 | 1.50 | 2.00 | 2.05 | 2.20 | 2.30 | 2.40 |
| St. George Bank - Except VIC | 0.05 | 0.05 | 0.07 | 0.07 | 0.10 | 0.15 | 0.20 | 0.25 | 0.30 | 0.30 | 0.30 | 0.30 |
| Suncorp Bank | 0.25 | 0.45 | 1.25 | 0.45 | 0.45 | 1.55 | 1.85 | 2.30 | 2.65 | 2.80 | 2.95 | 3.15 |
| Teachers Mutual Bank | 0.60 | 0.60 | 0.60 | 0.65 | 0.85 | 1.05 | 3.20 | 3.80 | ||||
| The Capricornian | 0.30 | 0.75 | 1.75 | 2.00 | ||||||||
| UBank | 0.40 | 0.65 | 0.90 | 1.00 | 1.10 | 1.80 | 1.80 | 2.65 | ||||
| Bank First | 0.15 | 0.20 | 1.25 | 1.25 | 1.75 | 2.00 | 2.35 | 2.50 | 3.00 | 3.00 | 3.00 |
*For comparison purposes rates to 1 year are paid at maturity. Rates longer than 1 year are paid annually. Rates are checked each week on company websites and rate sheets.