Summary: Moderate number of rate changes; 39 increases, 1 decrease; notable changes made by Peoples Choice, RACQ; AMP Bank still offers highest rate in survey.
There were a moderate 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 40 changes which took place, 39 took the form of rate increases. None of the major banks changes their term deposit rates.
Among the smaller ADIs, the most notable changes came from the Peoples Choice Credit Union. Its 3-month rate was raised by 35bps; rates on terms of 4 months and 5 months were both increased by 30bps; the 6-month rate had 50bps added to it and 1-year, 2-year and 3-year rates were raised by 25bps, 20bps and 5bps respectively.
RACQ’s changes were not quite as broad. Its 2-month and 4-month rates were both increased by 20bps and its 3-month rate was increased by 20bps. Its 6-month and 9-month rates were 50bps and 45bps respectively.
See our table below for any other changes as well as the latest rates and terms which are available. AMP Bank’s 5-year deposit still offers the highest rate in this week’s survey.
| 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 | 3.40 | 3.40 | ||||
| AMP Bank | 0.10 | 0.20 | 0.35 | 0.35 | 1.90 | 2.65 | 2.65 | 3.50 | 3.90 | 4.15 | 4.30 | 4.40 |
| 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 | 1.25 | 2.00 | 2.50 | 3.00 | 3.25 | 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 | 0.08 | 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 | 0.35 | 0.35 | 1.30 | 1.30 | 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 | 3.25 | 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 | 0.15 | 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 | 2.00 | 2.70 | 3.00 | 3.65 | 3.95 | 4.25 | 4.35 | 4.45 | ||||
| Macquarie Bank | 0.05 | 0.85 | 2.35 | 2.35 | 2.75 | 3.05 | 3.60 | 3.55 | 3.55 | 3.60 | 3.60 | |
| 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 | 1.75 | 2.50 | 3.25 | 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 | 0.95 | 0.40 | 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 | 3.00 | 3.00 | 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.