Summary: Largish number of rate changes; 41 increases, 14 decreases; NAB, Westpac raise some rates; notable rate changes from Greater Bank, Westpac subsidiaries, Bank of Sydney; AMP Bank has highest rate in survey.
There were a largish number of rate changes made by banks, building societies and other approved deposit-taking institutions (ADIs) in this week’s YieldReport survey. Of the 55 changes which took place, 41 took the form of rate increases.
Two of the major banks changed their term-deposit rates this week. NAB raised its 6-month and 1-year rates by 20bps and 10bps respectively. Westpac raised its 3-month and 1-year rates by 50bps and 30bps respectively while its 3-month, 6-month and 9-month rates were all increased by 45bps.
Among the smaller ADIs, the most notable changes came from Greater Bank. Rates on terms of 1 month and 2 months were each hiked by 90bps, 50bps was added to rates on terms of 3 months and 4 months and 1-year and 2-year rates were increased by 20bps.
Westpac subsidiaries Bank of Melbourne, BankSA and St George Bank all made rate changes identical to those of Westpac.
Another notable set of changes was made by the Bank of Sydney. Its rates on 1-month and 2-month deposits were each reduced by 45bps and 4-month rates were cut 65bps. 6-month, 9-month and 1-year rates were cut by 10bps, 85bps and 100bps respectively.
See our table below for any other changes as well as the latest rates and terms which are available. AMP Bank’s 1-year rate offers the highest rate in this week’s survey.
TERM DEPOSITS $250,000 TO $1 MILLION
| 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 | 1.30 | 1.55 | 3.50 | 4.20 | 3.70 | 3.80 | 4.00 | 4.75 | 4.50 | 4.00 | 4.00 | 4.00 |
| CBA | 1.25 | 1.50 | 3.50 | 3.55 | 3.65 | 3.75 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 |
| NAB | 1.25 | 1.45 | 3.50 | 3.60 | 3.70 | 4.00 | 4.00 | 4.85 | 4.00 | 4.00 | 4.00 | 4.00 |
| Westpac | 1.25 | 1.45 | 3.50 | 3.55 | 3.65 | 3.75 | 4.00 | 4.25 | 4.00 | 4.00 | 4.00 | 4.00 |
| Military Bank | 4.90 | 4.90 | 5.00 | 5.10 | 5.15 | 5.20 | 5.35 | 5.35 | ||||
| AMP Bank | 0.10 | 0.20 | 5.05 | 5.05 | 5.15 | 5.15 | 5.25 | 5.40 | 5.20 | 5.20 | 5.20 | 5.20 |
| Arab Bank Australia | 2.50 | 2.75 | 4.00 | 4.15 | 4.80 | 4.40 | 4.50 | 4.75 | 4.10 | 4.10 | 4.10 | 4.10 |
| Bank of Melbourne | 1.25 | 1.45 | 3.55 | 3.60 | 3.70 | 3.80 | 4.05 | 4.30 | 4.05 | 4.05 | 4.05 | 4.05 |
| Bank Australia | 4.75 | 5.00 | 5.00 | 5.00 | 4.50 | 4.00 | ||||||
| BankSA | 1.25 | 1.45 | 3.55 | 3.60 | 3.70 | 3.80 | 4.05 | 4.30 | 4.05 | 4.05 | 4.05 | 4.05 |
| Bankwest | 1.25 | 1.50 | 3.50 | 3.00 | 3.00 | 4.00 | 4.00 | 4.75 | 4.00 | 4.00 | 4.00 | 4.00 |
| Bank of Sydney | 2.75 | 2.85 | 5.20 | 4.00 | 5.05 | 5.35 | 4.00 | 4.00 | ||||
| BankVic | 3.45 | 3.45 | 3.45 | 4.25 | 4.25 | 4.75 | 4.75 | 4.75 | 4.75 | 4.75 | ||
| Beyond Bank | 4.15 | 4.50 | 4.60 | 4.80 | 4.40 | 4.00 | 4.00 | 4.00 | ||||
| Bendigo Bank | 1.25 | 1.90 | 3.00 | 4.30 | 3.00 | 4.05 | 3.80 | 4.75 | 3.30 | 3.35 | 3.35 | 3.35 |
| Bank of Queensland | 0.75 | 0.80 | 2.25 | 4.40 | 1.25 | 4.80 | 4.90 | 5.00 | 4.20 | 3.30 | 3.30 | |
| BOQ Specialist | 4.50 | 4.75 | 4.75 | 5.10 | 5.20 | 4.30 | 3.50 | 3.50 | 3.50 | |||
| Citibank | 1.25 | 4.25 | 4.75 | 4.75 | 5.05 | 4.65 | 4.65 | 4.65 | 4.65 | |||
| Great Southern Bank | 1.30 | 1.60 | 4.65 | 2.95 | 2.95 | 5.10 | 5.15 | 5.25 | 4.45 | 4.20 | 4.20 | 4.20 |
| Defence Bank | 3.85 | 4.20 | 4.25 | 4.65 | 5.00 | |||||||
| Greater Bank | 1.00 | 1.00 | 3.50 | 3.00 | 3.00 | 4.20 | 3.60 | 5.00 | 5.20 | 4.00 | 4.00 | 4.00 |
| Heritage Bank | 1.25 | 1.50 | 3.95 | 3.35 | 3.35 | 4.80 | 3.65 | 5.15 | 4.20 | 4.00 | 4.00 | 4.00 |
| Horizon Credit Union | 1.25 | 1.50 | 3.70 | 3.70 | 4.20 | 3.70 | 4.75 | 4.00 | 3.90 | |||
| HSBC | 1.85 | 2.00 | 4.00 | 3.75 | 3.75 | 4.40 | 4.50 | 4.60 | 4.10 | 4.10 | 4.10 | 4.10 |
| IMB | 3.75 | 4.25 | 4.75 | 4.00 | 4.00 | 4.00 | 4.00 | |||||
| ING Direct | 4.75 | 4.75 | 4.95 | 4.95 | 5.00 | 4.90 | ||||||
| Judo Bank | 5.00 | 5.30 | 5.20 | 5.35 | 5.30 | 5.30 | 5.10 | 5.20 | ||||
| Macquarie Bank | 0.05 | 0.85 | 4.75 | 4.75 | 4.80 | 4.90 | 4.95 | 3.90 | 3.60 | 3.60 | 3.65 | |
| ME Bank | 0.75 | 0.80 | 2.25 | 4.75 | 1.25 | 3.10 | 5.10 | 5.20 | 4.30 | 3.50 | 3.50 | 3.50 |
| MyState | 0.50 | 0.50 | 2.50 | 4.40 | 4.60 | 4.90 | 5.00 | 5.10 | 3.95 | |||
| Newcastle Permanent | 1.00 | 1.00 | 4.00 | 3.00 | 3.00 | 3.80 | 3.60 | 5.00 | 5.20 | 4.00 | 4.00 | 4.00 |
| People's Choice Credit Union | 1.50 | 3.95 | 3.35 | 3.35 | 4.80 | 3.65 | 5.15 | 4.20 | 4.00 | 4.00 | 4.00 | |
| Police Bank | 3.50 | 3.50 | 1.90 | 3.75 | 2.05 | 4.75 | ||||||
| P&N Bank | 1.75 | 4.65 | 3.75 | 3.40 | 4.80 | 5.00 | 4.55 | 4.55 | 4.20 | 4.20 | 4.20 | |
| RACQ Bank | 0.55 | 1.60 | 4.25 | 3.50 | 3.50 | 4.50 | 4.50 | 4.75 | 4.20 | 3.95 | 3.95 | 3.95 |
| Rabobank Australia | 2.00 | 2.10 | 4.75 | 4.75 | 4.75 | 5.00 | 5.00 | 5.10 | 5.00 | 5.00 | 5.10 | 5.20 |
| Rural Bank | 1.25 | 1.90 | 3.00 | 4.30 | 3.00 | 4.05 | 3.80 | 4.75 | 3.30 | 3.35 | 3.35 | 3.35 |
| St. George Bank - Except VIC | 1.25 | 1.45 | 3.55 | 3.60 | 3.70 | 3.80 | 4.05 | 4.30 | 4.05 | 4.05 | 4.05 | 4.05 |
| Suncorp Bank | 1.30 | 1.90 | 3.15 | 4.45 | 3.45 | 3.75 | 4.60 | 5.00 | 3.95 | 3.95 | 3.95 | 3.95 |
| Teachers Mutual Bank | 1.10 | 1.10 | 1.10 | 4.70 | 2.00 | 3.50 | 3.70 | 3.80 | ||||
| The Capricornian | 3.00 | 3.25 | 4.00 | 4.00 | ||||||||
| UBank | 0.65 | 0.90 | 2.25 | 2.25 | 2.25 | 2.60 | 2.90 | 3.40 | ||||
| Bank First | 0.75 | 1.00 | 4.75 | 4.75 | 4.95 | 4.95 | 5.05 | 4.25 | 4.25 | 4.25 | 4.25 |
*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.