Summary: Very large number of rate changes; 111 increases; ANZ, CBA, NAB raise some rates; notable changes made by Bankwest, Suncorp, IMB; Judo offers highest rate in survey.
There were a very large number of rate changes made by banks, building societies and other approved deposit-taking institutions (ADIs) in this week’s YieldReport survey. All 111 changes took the form of rate increases.
Three of the major banks changed a variety of their respective term deposit rates. ANZ hiked its 4-month rate by 170bps while Commonwealth Bank and National Australia Bank raised their respective rates across most or all of their term deposits by amounts as little as 10bps and as much as 175bps.
Among the smaller ADIs, the most notable changes came from Bankwest. It raised rates on deposits with terms of 1 month to 5 months by 50bps with the exception of its 3-month rate which was increased by 95bps. 6-month and 9-month rates were each raised by 90bps, the 1-year rate was increased by 45bps while rates on terms of 2 years and longer all had 70bps added to them.
Suncorp’s changes were equally as broad but somewhat smaller on aggregate. 1-month, 3-month and 4-month rates had 30bps added to them, as did Suncorp’s 5-year rate. Its 2-month rate was raised by 85bps and its 5-month rate was lifted by 110bps while its 6-month and 2-year rates were raised by 40bps. 9-month, 1-year, 3-year and 4-year rates were all increased by 35bps.
IMB’s changes were limited to longer-term deposits. Its 1-year, 2-year, 3-year, 4-year and 5-year rates were raised by 30bps, 100bps, 75bps, 75bps and 50bps respectively.
See our table below for any other changes as well as the latest rates and terms which are available. Judo’s 5-year deposit 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 | 0.50 | 0.60 | 0.75 | 2.50 | 1.05 | 1.25 | 1.50 | 2.00 | 2.25 | 2.25 | 2.50 | 2.50 |
| CBA | 1.00 | 1.25 | 1.50 | 1.60 | 1.70 | 2.00 | 2.30 | 2.30 | 4.00 | 4.00 | 2.50 | 2.50 |
| NAB | 1.00 | 1.20 | 1.50 | 1.60 | 1.65 | 2.05 | 2.40 | 3.35 | 4.00 | 4.00 | 4.00 | 4.00 |
| Westpac | 0.20 | 0.25 | 0.35 | 0.40 | 0.60 | 0.80 | 1.00 | 1.10 | 1.50 | 1.75 | 2.00 | 2.25 |
| Military Bank | 0.40 | 0.40 | 0.40 | 2.60 | 2.60 | 3.00 | 3.40 | 3.40 | ||||
| AMP Bank | 0.10 | 0.20 | 0.35 | 2.60 | 3.10 | 3.10 | 3.25 | 3.80 | 4.15 | 4.30 | 4.45 | 4.55 |
| Arab Bank Australia | 0.80 | 0.90 | 2.25 | 2.00 | 2.00 | 2.75 | 3.00 | 3.50 | 3.50 | 3.50 | 3.60 | 3.70 |
| Bank of Melbourne | 0.20 | 0.25 | 0.35 | 0.40 | 0.60 | 0.80 | 1.00 | 1.10 | 1.50 | 1.75 | 2.00 | 2.25 |
| Bank Australia | 2.00 | 2.00 | 2.75 | 2.75 | 2.75 | 3.50 | 3.50 | 3.50 | ||||
| BankSA | 0.20 | 0.25 | 0.35 | 0.40 | 0.60 | 0.80 | 1.00 | 1.10 | 1.50 | 1.75 | 2.00 | 2.25 |
| Bankwest | 1.00 | 1.10 | 1.80 | 1.60 | 1.60 | 2.40 | 2.40 | 3.70 | 3.00 | 3.00 | 3.00 | 3.00 |
| Bank of Sydney | 1.05 | 1.30 | 2.40 | 2.50 | 2.60 | 2.85 | 3.05 | 3.45 | ||||
| BankVic | 1.95 | 1.95 | 1.95 | 2.45 | 2.75 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | ||
| Beyond Bank | 2.00 | 2.75 | 3.00 | 3.25 | 3.35 | 3.35 | 3.35 | 3.35 | ||||
| Bendigo Bank | 0.10 | 0.10 | 0.20 | 1.55 | 0.45 | 0.45 | 2.55 | 3.00 | 2.80 | 2.85 | 2.90 | 2.90 |
| Bank of Queensland | 0.25 | 0.30 | 1.75 | 0.50 | 0.50 | 2.00 | 2.80 | 3.50 | 3.30 | 3.30 | 3.30 | |
| BOQ Specialist | 1.75 | 0.75 | 3.00 | 3.00 | 3.75 | 3.50 | 3.50 | 3.50 | 3.50 | |||
| Citibank | 0.50 | 1.65 | 2.70 | 3.00 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | |||
| CUA | 0.60 | 0.95 | 1.75 | 0.95 | 0.95 | 2.75 | 2.95 | 3.25 | 3.30 | 3.40 | 3.50 | 3.60 |
| Defence Bank | 1.60 | 2.30 | 2.60 | 3.20 | 3.50 | |||||||
| Greater Bank | 0.10 | 0.10 | 2.10 | 1.60 | 0.75 | 2.75 | 2.25 | 3.50 | 3.50 | 3.80 | 3.90 | 4.00 |
| Heritage Bank | 0.20 | 0.30 | 1.60 | 0.80 | 0.80 | 2.00 | 2.30 | 3.00 | 3.50 | 3.50 | 3.50 | 3.50 |
| Horizon Credit Union | 0.30 | 0.30 | 1.50 | 1.60 | 1.70 | 1.80 | 3.20 | 2.80 | 2.50 | |||
| HSBC | 0.50 | 0.65 | 2.35 | 2.10 | 2.10 | 2.75 | 3.00 | 3.50 | 3.60 | 3.60 | 3.60 | 3.60 |
| IMB | 1.00 | 1.70 | 3.40 | 2.25 | 2.25 | 2.50 | 2.50 | |||||
| ING Direct | 1.15 | 1.25 | 2.40 | 2.25 | 3.25 | 3.30 | ||||||
| Judo Bank | 2.55 | 3.10 | 3.25 | 3.90 | 4.40 | 4.55 | 4.70 | 4.80 | ||||
| Macquarie Bank | 0.05 | 0.85 | 2.60 | 2.60 | 3.10 | 3.25 | 3.80 | 4.05 | 4.05 | 4.10 | 4.10 | |
| ME Bank | 0.25 | 0.30 | 1.75 | 0.75 | 0.75 | 3.00 | 3.10 | 3.65 | 3.50 | 3.50 | 3.50 | 3.50 |
| MyState | 0.50 | 0.50 | 1.00 | 1.30 | 2.00 | 2.70 | 2.50 | 3.60 | 3.35 | |||
| Newcastle Permanent | 0.50 | 0.50 | 2.10 | 1.20 | 1.20 | 2.70 | 2.00 | 3.65 | 3.00 | 3.00 | 3.00 | 3.00 |
| People's Choice Credit Union | 0.70 | 2.60 | 1.60 | 1.60 | 2.70 | 2.30 | 4.00 | 3.30 | 3.40 | 3.40 | 3.50 | |
| Police Bank | 1.80 | 0.40 | 0.40 | 1.25 | 1.70 | 3.65 | ||||||
| P&N Bank | 1.00 | 2.30 | 2.10 | 1.85 | 2.90 | 2.75 | 3.65 | 3.65 | 3.75 | 3.75 | 3.75 | |
| QT Mutual Bank | 0.20 | 0.80 | 1.50 | 1.50 | 1.50 | 2.60 | 2.90 | 3.25 | 3.30 | 3.40 | 3.60 | 3.85 |
| Rabobank Australia | 0.75 | 0.75 | 2.25 | 2.25 | 2.25 | 3.00 | 3.20 | 3.75 | 4.10 | 4.20 | 4.40 | 4.50 |
| Rural Bank | 0.10 | 0.10 | 0.20 | 1.55 | 0.45 | 0.75 | 2.55 | 3.00 | 2.80 | 2.85 | 2.90 | 2.90 |
| St. George Bank - Except VIC | 0.20 | 0.25 | 0.35 | 0.40 | 0.60 | 0.80 | 1.00 | 1.10 | 1.50 | 1.75 | 2.00 | 2.25 |
| Suncorp Bank | 0.80 | 1.65 | 2.10 | 1.65 | 2.45 | 2.90 | 3.20 | 3.60 | 3.90 | 3.90 | 3.95 | 3.95 |
| Teachers Mutual Bank | 1.10 | 1.10 | 1.10 | 1.35 | 2.00 | 3.50 | 3.70 | 3.80 | ||||
| The Capricornian | 1.25 | 2.00 | 3.00 | 3.25 | ||||||||
| UBank | 0.65 | 0.90 | 2.25 | 2.25 | 2.25 | 2.60 | 2.90 | 3.40 | ||||
| Bank First | 0.50 | 0.70 | 2.60 | 2.60 | 2.95 | 3.15 | 3.30 | 3.40 | 3.50 | 3.60 | 3.75 |
*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.