Summary: Large number of rate changes again; 62 increases, 9 decreases; notable changes made by HSBC, Heritage; AMP Bank still 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 71 changes which took place, 62 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 HSBC. Its 1-month and 2-month rates were raised by 25bps and 35bps respectively while terms of 3 month, 6 months, 9 month and 12 months were all increased by 75bps each. 4-month and 5-month rates were hiked by 100bps each and rates on terms from 2 years and longer were each increased by 50bps.
Heritage Bank’s changes were not quite as broad and they were generally smaller in magnitude. Its 3-month rate was increased by 25bps, as were rates on terms of 1 year, 2 years, 4 years and 5 years. Heritage’s 4-month, 5-month and 9-month rates were all increased by 40bps while its 6-month deposit will pay an additional 60bps. Heritage’s 3-year deposit rate was raised by 50bps.
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 | 1.00 | 1.00 | 1.00 | 2.00 | 2.25 | 3.00 | 3.00 | 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 | 3.10 | 3.00 | 3.00 | 3.00 | |
| BOQ Specialist | 1.75 | 0.40 | 2.50 | 2.75 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | |||
| Citibank | 0.50 | 1.65 | 2.50 | 2.75 | 3.30 | 3.30 | 3.30 | 3.30 | 3.30 | |||
| 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 | 4.00 | 4.15 | 4.25 | ||||
| Macquarie Bank | 0.05 | 0.85 | 2.35 | 2.35 | 2.70 | 3.00 | 3.55 | 3.55 | 3.55 | 3.60 | 3.60 | |
| ME Bank | 0.15 | 0.15 | 1.50 | 0.40 | 0.40 | 2.70 | 3.00 | 3.30 | 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 | 1.35 | 0.70 | 0.70 | 2.00 | 1.60 | 2.75 | 2.80 | 2.95 | 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 | 0.60 | 1.20 | 1.30 | 1.50 | 1.80 | 2.30 | 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.