Summary: Large number of rate changes; 78 increases, 2 decreases; CBA cuts 1-year rate; notable changes made by Heritage, BoQ, HSBC; AMP, Judo offer highest rate in survey.
There were a large number of rate changes again made by banks, building societies and other approved deposit-taking institutions (ADIs) in this week’s YieldReport survey. Of the 80 changes which took place, 78 took the form of rate increases.
One of the major banks changed its term deposit rates. Commonwealth Bank lowered its 1-year rate by 50bps.
Among the smaller ADIs, the most notable changes came from Heritage Bank. It raised its 3-month rate by 80bps but also lowered its 4-month rate by 50bps. The 6-month rate was increased by 100bps, 1-year, 4-year and 5-year rates all had 25bps added to them while 2-year and 3-year rates were raised by 50bps each.
Bank of Queensland’s changes were a little smaller in aggregate terms but not by much. Its 1-month and 2-month rates were increased by 20bps each, the 3-month rate had 50bps added to it and 4-month and 5-month rates were increased by 40bps. BoQ’s also raised its 1-year rate by 20bps while 2-year, 3-year and 4-year rates each had 30bps added them.
HSBC’s increases were just as large overall. Its rates on terms of 3 months, 4 months, 5 months and 6 months were increased by 50bps, 45bps, 45bps and 50bps respectively; 9-month and 1-year rates were each raised by 25bps while rates on terms of 2 years and longer had 10bps added to them.
See our table below for any other changes as well as the latest rates and terms which are available. AMP’s 5-year deposit shares the honours with Judo’s 5-year deposit as offering the highest rate in this week’s survey after Judo increased its rate by 10bps.
TERM DEPOSITS $250K TO $1M+
| 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 | 0.20 | 0.25 | 0.35 | 0.40 | 0.60 | 0.80 | 1.00 | 1.25 | 1.50 | 1.75 | 2.25 | 2.25 |
| CBA | 0.50 | 0.60 | 0.75 | 0.80 | 1.05 | 1.25 | 1.50 | 1.50 | 2.25 | 2.25 | 2.50 | 2.50 |
| NAB | 0.50 | 0.55 | 0.80 | 0.80 | 1.00 | 1.25 | 1.60 | 3.25 | 2.50 | 2.50 | 2.50 | 2.50 |
| 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 | 2.40 | 2.90 | 2.90 | 3.10 | 3.70 | 4.05 | 4.20 | 4.35 | 4.45 |
| 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 | 1.25 | 1.00 | 1.00 | 2.25 | 2.75 | 3.25 | 3.35 | 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 | 0.50 | 0.60 | 0.85 | 1.10 | 1.10 | 1.50 | 1.50 | 3.25 | 2.30 | 2.30 | 2.30 | 2.30 |
| Bank of Sydney | 1.05 | 1.25 | 2.05 | 2.00 | 2.10 | 2.60 | 2.75 | 3.05 | ||||
| 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 | 1.20 | 0.45 | 0.45 | 2.00 | 2.50 | 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 | 2.70 | 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 | 0.75 | 1.50 | 0.70 | 0.70 | 2.50 | 2.70 | 3.00 | 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 | 1.60 | 1.60 | 0.75 | 1.75 | 2.25 | 3.25 | 3.25 | 3.80 | 3.90 | 4.00 |
| Heritage Bank | 0.20 | 0.30 | 1.60 | 0.80 | 0.80 | 2.00 | 2.15 | 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 | 0.15 | 0.15 | 0.15 | 1.25 | 1.50 | 1.75 | 2.00 | |||||
| ING Direct | 1.15 | 1.25 | 2.40 | 2.25 | 3.25 | 3.30 | ||||||
| Judo Bank | 2.35 | 3.00 | 3.15 | 3.75 | 4.05 | 4.20 | 4.35 | 4.45 | ||||
| Macquarie Bank | 0.05 | 0.85 | 2.55 | 2.55 | 3.05 | 3.20 | 3.75 | 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 | 2.00 | 1.20 | 1.20 | 2.65 | 2.00 | 3.50 | 2.80 | 2.80 | 2.80 | 2.80 |
| People's Choice Credit Union | 0.50 | 2.00 | 1.30 | 1.30 | 2.70 | 2.00 | 3.30 | 3.30 | 3.35 | 3.40 | 3.40 | |
| Police Bank | 0.95 | 0.40 | 0.40 | 1.25 | 1.70 | 3.00 | ||||||
| P&N Bank | 1.00 | 2.10 | 1.85 | 1.65 | 2.70 | 2.25 | 3.30 | 3.50 | 3.50 | 3.50 | 3.50 | |
| 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 | 0.50 | 0.50 | 2.00 | 2.00 | 2.00 | 2.85 | 3.00 | 3.65 | 3.90 | 3.90 | 4.20 | 4.20 |
| Rural Bank | 0.10 | 0.10 | 0.20 | 1.20 | 0.45 | 0.75 | 2.00 | 2.50 | 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 | 0.50 | 0.80 | 1.80 | 1.35 | 1.35 | 2.50 | 2.85 | 3.25 | 3.50 | 3.55 | 3.60 | 3.65 |
| 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 | 2.35 | 2.35 | 2.80 | 3.05 | 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.