Summary: Large number of rate changes; 107 increases, 4 decreases; rate increases by CBA, NAB; notable changes made by BankVic, Greater, BankWest; AMP offers 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 111 changes which took place, 107 took the form of rate increases.
Two of the major banks changed their term deposit rates. Commonwealth Bank raised its rates across the board by amounts ranging from 25bps to 75bps. NAB’s changes were almost as broad, with increases ranging from 25bps to 50bps.
Among the smaller ADIs, the most notable changes came from BankVic. Its 6-month and 1-year rates were both raised by 50bps and its 9-month rate had 80bps added to it. Rates on terms of 2 years and longer were each increased by 100bps.
Greater Bank’s changes were smaller in aggregate terms but some of the increases were relatively huge. Its 3-month and 4-month rates were hiked by 140bps each, its 1-year rate was increased by 25bps and rates on terms of 3 years, 4 years and 5years were all raised by 50bps.
BankWest’s increases were limted to shorter-term deposits. Its 1-month rate was raised by 25bps; the 2-month rate had 20bps added; the 3-month rate was increased by 30bps; 4-month and 5-month rates were each raised by 55bps; 6-month, 9-month and 1-year rates were increased by 50bps, 75bps and 25bps respectively.
See our table below for any other changes as well as the latest rates and terms which are available. AMP’s 5-year deposit offers the highest rate in this week’s survey.
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 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.10 | 0.10 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 |
| CBA | 0.20 | 0.25 | 0.35 | 0.40 | 0.60 | 0.80 | 1.00 | 1.25 | 1.50 | 1.75 | 2.00 | 2.25 |
| NAB | 0.20 | 0.25 | 0.40 | 0.45 | 0.55 | 0.80 | 1.05 | 3.00 | 2.00 | 2.00 | 2.00 | 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 | 3.00 | 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 | 0.25 | 0.40 | 0.55 | 0.55 | 0.55 | 1.00 | 0.75 | 3.00 | 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 | 1.95 | 1.95 | 2.50 | 2.00 | 2.00 | 2.00 | 2.00 | ||
| Beyond Bank | 1.50 | 2.25 | 2.75 | 3.00 | 3.35 | 3.25 | 3.25 | 3.25 | ||||
| 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 | 0.05 | 0.05 | 1.25 | 0.10 | 0.10 | 2.00 | 2.80 | 3.30 | 3.00 | 3.00 | 3.00 | |
| BOQ Specialist | 1.50 | 0.40 | 2.70 | 3.00 | 3.30 | 3.25 | 3.25 | 3.25 | 3.25 | |||
| 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 | 1.30 | 1.90 | 2.10 | 2.80 | 3.30 | |||||||
| Greater Bank | 0.10 | 0.10 | 0.20 | 0.20 | 0.75 | 1.75 | 2.25 | 3.00 | 3.25 | 3.30 | 3.40 | 3.50 |
| Heritage Bank | 0.20 | 0.30 | 0.80 | 1.30 | 0.80 | 1.00 | 2.15 | 2.75 | 3.00 | 3.00 | 3.25 | 3.25 |
| Horizon Credit Union | 0.20 | 0.25 | 1.40 | 1.50 | 1.60 | 1.70 | 3.00 | 2.80 | 2.50 | |||
| HSBC | 0.50 | 0.65 | 1.85 | 1.65 | 1.65 | 2.25 | 2.75 | 3.25 | 3.50 | 3.50 | 3.50 | 3.50 |
| IMB | 0.10 | 0.10 | 0.15 | 0.15 | 0.15 | 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 | 2.25 | 2.80 | 3.00 | 3.60 | 4.00 | 4.15 | 4.30 | 4.40 | ||||
| Macquarie Bank | 0.05 | 0.85 | 2.35 | 2.35 | 2.85 | 3.05 | 3.65 | 4.05 | 4.05 | 4.10 | 4.10 | |
| ME Bank | 0.15 | 0.15 | 1.50 | 0.40 | 0.40 | 2.70 | 3.00 | 3.50 | 3.25 | 3.25 | 3.25 | 3.25 |
| 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 | 1.50 | 1.20 | 1.20 | 2.20 | 2.00 | 3.05 | 2.80 | 2.80 | 2.80 | 2.80 |
| People's Choice Credit Union | 0.40 | 1.70 | 1.00 | 1.00 | 2.50 | 1.60 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | |
| Police Bank | 0.95 | 0.40 | 0.40 | 1.25 | 1.70 | 2.75 | ||||||
| P&N Bank | 1.00 | 1.85 | 1.85 | 1.35 | 2.40 | 1.35 | 3.10 | 3.10 | 3.50 | 3.50 | 3.50 | |
| QT Mutual Bank | 0.20 | 0.80 | 1.50 | 1.50 | 1.50 | 2.30 | 2.75 | 3.00 | 3.20 | 3.40 | 3.60 | 3.85 |
| Rabobank Australia | 0.50 | 0.50 | 1.75 | 1.75 | 1.75 | 2.70 | 3.00 | 3.30 | 3.70 | 3.70 | 3.70 | 4.00 |
| 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 | 0.50 | 1.50 | 0.75 | 0.75 | 2.40 | 2.55 | 3.00 | 3.30 | 3.35 | 3.40 | 3.45 |
| Teachers Mutual Bank | 1.10 | 1.10 | 1.10 | 1.35 | 1.50 | 2.30 | 3.20 | 3.80 | ||||
| The Capricornian | 1.00 | 1.50 | 2.50 | 3.00 | ||||||||
| UBank | 0.65 | 0.90 | 2.25 | 2.25 | 2.25 | 2.60 | 2.90 | 3.40 | ||||
| Bank First | 0.15 | 0.20 | 2.00 | 2.00 | 2.50 | 2.75 | 3.00 | 3.00 | 3.25 | 3.50 | 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.