Summary: Large number of rate changes; 162 increases, 2 decreases; NAB, Westpac increases all terms’ rates; other notable changes made by Westpac subsidiaries, BankVic; Judo offers highest rate in survey.
There were a large number of rate changes made by banks, building societies and other approved deposit-taking institutions (ADIs) in this week’s YieldReport survey. Of the 164 changes which took place, 162 took the form of rate increases.
Two of the major banks raised all their term deposit rates.
National Australia Bank increased the rates on terms of 1 month to 12 months by amounts ranging from 10bps to 55bps while rates on deposits on terms of 2 years, 3 years, 4 years and 5 years were raised by 100bps, 40bps, 20bps and 50bps respectively.
Westpac’s increases were generally considerably larger. Its rates on terms of 1 month to 12 months were raised by amounts ranging from 15bps to 85bps while rates on deposits on terms of 2 years, 3 years, 4 years and 5 years were raised by 120bps, 145bps, 170bps and 195bps respectively.
Among the smaller ADIs, the most notable changes came Westpac subsidiaries Bank of Melbourne, BankSA and St George Bank. All three increased their various deposit rates in a manner identical to Westpac.
BankVic’s changes were noticeably smaller than the ones above but they were still large from a historical perspective. All its rates were increased by 45bps with the exceptions of its 1-year and 4-year rates which were raised by 55bps and 90bps respectively.
See our table below for any other changes as well as the latest rates and terms which are available. Judo Bank’s 5-year deposit 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 | 2.50 | 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 | 1.80 | 1.80 | 2.60 | 3.00 | 3.00 | ||||
| AMP Bank | 0.10 | 0.20 | 0.35 | 0.35 | 1.90 | 1.90 | 2.50 | 2.90 | 3.65 | 3.90 | 4.05 | 4.15 |
| Arab Bank Australia | 0.50 | 0.60 | 1.50 | 1.00 | 1.20 | 2.50 | 2.50 | 3.00 | 3.20 | 3.20 | 3.20 | 3.20 |
| 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 | 2.50 | 2.30 | 2.30 | 2.30 | 2.30 |
| Bank of Sydney | 0.75 | 1.05 | 1.75 | 1.65 | 1.75 | 2.25 | 2.25 | 2.55 | ||||
| BankVic | 1.50 | 1.50 | 1.50 | 1.50 | 1.50 | 1.60 | 1.55 | 1.55 | 1.55 | 1.55 | ||
| Beyond Bank | 1.00 | 1.25 | 1.50 | 2.25 | 3.00 | 3.00 | 3.00 | 3.00 | ||||
| Bendigo Bank | 0.10 | 0.10 | 0.20 | 1.20 | 0.45 | 0.45 | 2.00 | 2.25 | 2.55 | 2.70 | 2.80 | 2.90 |
| Bank of Queensland | 0.05 | 0.08 | 1.25 | 0.10 | 0.10 | 2.00 | 1.75 | 2.75 | 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 | 1.25 | 0.50 | 0.50 | 2.00 | 2.20 | 3.00 | 3.40 | 3.45 | 3.75 | 3.85 |
| Defence Bank | 0.35 | 0.35 | 1.00 | 1.00 | 1.05 | 1.40 | 1.70 | 2.40 | 3.20 | |||
| Greater Bank | 0.10 | 0.10 | 1.25 | 0.20 | 0.20 | 1.75 | 2.25 | 2.75 | 3.25 | 3.30 | 3.40 | 3.50 |
| Heritage Bank | 0.20 | 0.30 | 0.55 | 0.60 | 0.40 | 0.40 | 1.20 | 2.05 | 2.05 | 2.05 | 2.25 | 2.50 |
| Horizon Credit Union | 0.60 | 0.70 | 0.80 | 0.90 | 1.10 | 1.30 | 2.40 | 2.80 | 3.00 | |||
| HSBC | 0.25 | 0.30 | 1.10 | 0.65 | 0.65 | 1.50 | 2.00 | 2.50 | 3.00 | 3.00 | 3.00 | 3.00 |
| 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 | 2.25 | 2.25 | 3.00 | 3.30 | ||||||
| Judo Bank | 1.90 | 2.60 | 2.85 | 3.35 | 3.85 | 4.10 | 4.25 | 4.35 | ||||
| Macquarie Bank | 0.05 | 0.85 | 1.85 | 1.85 | 2.50 | 2.80 | 3.25 | 3.40 | 3.45 | 3.60 | 3.60 | |
| ME Bank | 0.15 | 0.15 | 1.50 | 0.40 | 0.40 | 2.50 | 2.75 | 3.00 | 3.25 | 3.25 | 3.25 | 3.25 |
| MyState | 0.50 | 0.50 | 1.00 | 1.30 | 2.00 | 1.75 | 2.50 | 3.05 | 3.35 | |||
| Newcastle Permanent | 0.15 | 0.15 | 1.20 | 1.20 | 1.20 | 1.90 | 2.00 | 2.75 | 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 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 1.00 | 2.00 | ||||
| P&N Bank | 1.35 | 1.50 | 1.35 | 1.35 | 2.00 | 1.35 | 2.50 | 2.50 | 3.00 | 3.00 | 3.00 | |
| 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 | 2.40 | 2.70 | 3.25 | 3.30 | 3.35 | 3.50 | 4.00 |
| Rural Bank | 0.10 | 0.10 | 0.20 | 1.20 | 0.45 | 0.75 | 2.00 | 2.25 | 2.55 | 2.70 | 2.80 | 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 | 0.25 | 0.45 | 1.25 | 0.45 | 0.45 | 1.55 | 1.85 | 2.30 | 2.65 | 2.80 | 2.95 | 3.15 |
| Teachers Mutual Bank | 0.60 | 0.60 | 0.60 | 0.65 | 0.85 | 1.05 | 3.20 | 3.80 | ||||
| The Capricornian | 0.30 | 0.75 | 1.75 | 2.00 | ||||||||
| UBank | 0.40 | 0.65 | 0.90 | 1.00 | 1.10 | 1.80 | 1.80 | 2.65 | ||||
| Bank First | 0.15 | 0.20 | 1.75 | 1.75 | 2.25 | 2.50 | 2.75 | 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.