Summary: Large number of rate changes; 77 increases, no decrease; ANZ and CBA raise their term deposit rate; notable rate changes from Bendigo Bank, Rural Bank, Rabobank; Judo 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) in this week’s YieldReport survey. All the 77 changes took the form of rate increases.
Major banks, ANZ and CBA, made adjustments to their term deposit rates this week, with ANZ boosting its 4-month deposit rate by 25bps and CBA broadly increasing its term deposit rates across 4-month to 4-year terms.
Among the smaller ADIs, the most notable changes came from Bendigo bank and Rural bank, both hiking their 3-month and 5-month rates by a substantial 230bps and 210bps respectively. Furthermore, they adjusted their rates on 2-month, 1-month, and 6-month terms by 130bps, 75bps, and 20bps, respectively.
Rabobank also made significant changes, elevating its rates across all terms, barring 5 months, by 10-50bps.
Other changes worthy of mention came from Arab Bank Australia and CitiBank.
See our table below for any other changes as well as the latest rates and terms which are available. Rabobank Australia’s 5-year deposit now 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 | 3.00 | 4.20 | 3.40 | 3.45 | 3.70 | 4.60 | 3.95 | 3.95 | 3.95 | 3.95 |
| CBA | 1.25 | 1.50 | 3.00 | 3.25 | 3.40 | 3.50 | 3.75 | 3.75 | 4.00 | 4.00 | 4.00 | 4.00 |
| NAB | 1.25 | 1.45 | 3.00 | 3.10 | 3.25 | 3.55 | 3.70 | 4.60 | 4.00 | 4.00 | 4.00 | 4.00 |
| Westpac | 1.25 | 1.45 | 3.00 | 3.10 | 3.20 | 3.30 | 3.55 | 3.95 | 4.00 | 4.00 | 4.00 | 4.00 |
| Military Bank | 4.55 | 4.55 | 4.60 | 4.80 | 4.80 | 4.90 | 4.55 | 4.55 | ||||
| AMP Bank | 0.10 | 0.20 | 4.40 | 4.40 | 4.70 | 4.70 | 4.75 | 4.80 | 4.60 | 4.70 | 4.70 | 4.70 |
| Arab Bank Australia | 2.50 | 2.75 | 4.00 | 4.15 | 4.70 | 4.40 | 4.50 | 4.75 | 4.10 | 4.10 | 4.10 | 4.10 |
| Bank of Melbourne | 1.25 | 1.45 | 3.05 | 3.15 | 3.25 | 3.35 | 3.60 | 4.00 | 4.05 | 4.05 | 4.05 | 4.05 |
| Bank Australia | 4.20 | 4.60 | 4.30 | 4.40 | 4.00 | 4.00 | ||||||
| BankSA | 1.25 | 1.45 | 3.05 | 3.15 | 3.25 | 3.35 | 3.60 | 4.00 | 4.05 | 4.05 | 4.05 | 4.05 |
| Bankwest | 1.25 | 1.50 | 3.15 | 2.60 | 2.70 | 3.90 | 3.90 | 4.25 | 4.00 | 4.00 | 4.00 | 4.00 |
| Bank of Sydney | 3.10 | 3.20 | 4.65 | 4.65 | 4.75 | 4.80 | 4.85 | 5.00 | ||||
| BankVic | 3.20 | 3.20 | 3.20 | 4.00 | 4.00 | 4.50 | 4.50 | 4.50 | 4.50 | 4.50 | ||
| Beyond Bank | 3.75 | 4.00 | 4.10 | 4.25 | 4.10 | 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 | 4.60 | 4.45 | 4.80 | 4.20 | 3.30 | 3.30 | |
| BOQ Specialist | 2.25 | 2.30 | 3.40 | 4.10 | 4.10 | 4.30 | 3.50 | 3.50 | 3.50 | |||
| Citibank | 1.25 | 4.25 | 4.75 | 4.75 | 4.95 | 4.65 | 4.65 | 4.65 | 4.65 | |||
| Great Southern Bank | 1.30 | 1.60 | 3.80 | 2.25 | 2.30 | 4.05 | 4.15 | 4.40 | 4.20 | 4.00 | 4.00 | 4.00 |
| Defence Bank | 3.50 | 3.85 | 4.00 | 4.40 | 4.40 | |||||||
| Greater Bank | 0.10 | 0.10 | 3.25 | 2.50 | 2.50 | 4.20 | 3.60 | 4.50 | 4.00 | 4.00 | 4.00 | 4.00 |
| Heritage Bank | 1.25 | 1.50 | 3.25 | 3.00 | 3.00 | 4.00 | 3.15 | 4.50 | 4.05 | 3.85 | 3.85 | 3.85 |
| Horizon Credit Union | 1.25 | 1.50 | 3.00 | 3.10 | 4.20 | 3.50 | 4.20 | 3.90 | 3.80 | |||
| HSBC | 1.85 | 2.00 | 3.50 | 3.25 | 3.25 | 3.75 | 3.75 | 4.05 | 4.10 | 4.10 | 4.10 | 4.10 |
| IMB | 3.50 | 4.00 | 4.40 | 4.00 | 4.00 | 4.00 | 4.00 | |||||
| ING Direct | 4.05 | 4.15 | 4.70 | 4.60 | 4.75 | 4.65 | ||||||
| Judo Bank | 4.40 | 4.75 | 4.80 | 4.90 | 4.85 | 4.85 | 4.85 | 4.95 | ||||
| Macquarie Bank | 0.05 | 0.85 | 4.60 | 4.60 | 4.75 | 4.75 | 4.80 | 3.90 | 3.60 | 3.60 | 3.65 | |
| ME Bank | 0.75 | 0.80 | 2.25 | 4.50 | 1.25 | 3.10 | 4.45 | 5.00 | 4.30 | 3.50 | 3.50 | 3.50 |
| MyState | 0.50 | 0.50 | 2.50 | 4.60 | 4.50 | 4.40 | 4.70 | 4.75 | 3.95 | |||
| Newcastle Permanent | 1.00 | 1.00 | 4.00 | 2.25 | 2.25 | 3.80 | 2.85 | 4.50 | 4.25 | 4.00 | 4.00 | 4.00 |
| People's Choice Credit Union | 1.50 | 3.25 | 3.00 | 3.00 | 4.00 | 3.15 | 4.50 | 4.05 | 3.85 | 3.85 | 3.85 | |
| Police Bank | 3.25 | 3.50 | 1.90 | 3.50 | 2.05 | 4.25 | ||||||
| P&N Bank | 1.75 | 3.85 | 3.25 | 3.25 | 4.25 | 4.00 | 4.55 | 4.55 | 4.20 | 4.20 | 4.20 | |
| RACQ Bank | 0.55 | 1.60 | 4.00 | 3.50 | 3.50 | 4.25 | 4.25 | 4.50 | 4.20 | 3.95 | 3.95 | 3.95 |
| Rabobank Australia | 2.00 | 2.10 | 4.40 | 4.40 | 4.40 | 4.50 | 4.75 | 4.85 | 4.85 | 4.85 | 5.00 | 5.10 |
| 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 | 3.05 | 3.15 | 3.25 | 3.35 | 3.60 | 4.00 | 4.05 | 4.05 | 4.05 | 4.05 |
| Suncorp Bank | 1.30 | 1.90 | 3.15 | 4.05 | 3.45 | 3.55 | 4.20 | 4.55 | 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 | 2.15 | 3.00 | 3.85 | 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 | 4.40 | 4.40 | 4.60 | 4.60 | 4.70 | 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.