Summary: Moderate number of rate changes; 49 increases, 1 decrease; Commonwealth Bank increases all terms’ rates; notable changes made by Newcastle Permanent, Beyond Bank, Macquarie Bank; Judo offers highest rate in survey.
There were a moderate number of rate changes made by banks, building societies and other approved deposit-taking institutions (ADIs) in this week’s YieldReport survey. Of the 50 changes which took place, 49 took the form of rate increases.
One of the major banks raised all its term deposit rates. Commonwealth Bank increased the rates on terms of 1 month to 5 months by amounts ranging from 10bps to 35bps while its 6-month and 9-month rates were raised by 50bps and 55bps respectively. The 1-year rate was increased by 60bps and the 2-year rate was raised by 50bps. 3-year, 4-year and 5-year rates were increased by 25bps, 20bps and 25bps respectively.
Among the smaller ADIs, the most notable changes came from Newcastle Permanent. Its 3-month rate was raised by 60bps and 4-month, 5-month and 6-month rates were each increased by 70bps. The 9-month rate was upped by 80bps while rates on terms of 1 year and longer were all increased by 50bps.
Beyond Bank’s changes were not as broad but they were still quite significant. Its 1-year rate was increased by 25bps while rates on terms of 3 months, 6 months and terms of 2 years and longer were all raised by 50bps each.
Macquarie Bank’s increases were slightly smaller in aggregate terms. Its 2-month rate was raised by 70bps and terms of 3 months, 4 months, 6 months, 9 months, and 1 year were all raised by 50bps each.
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 | 0.10 | 0.10 | 0.15 | 0.20 | 0.20 | 0.30 | 0.50 | 2.25 | 1.00 | 1.60 | 1.80 | 2.00 |
| Westpac | 0.05 | 0.05 | 0.07 | 0.07 | 0.10 | 0.15 | 0.20 | 0.25 | 0.30 | 0.30 | 0.30 | 0.30 |
| Military Bank | 0.40 | 0.40 | 0.40 | 0.50 | 0.50 | 0.75 | 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 | 0.05 | 0.05 | 0.07 | 0.07 | 0.10 | 0.15 | 0.20 | 0.25 | 0.30 | 0.30 | 0.30 | 0.30 |
| Bank Australia | 1.00 | 1.00 | 1.00 | 2.00 | 2.25 | 3.00 | 3.00 | 3.50 | ||||
| BankSA | 0.05 | 0.05 | 0.07 | 0.07 | 0.10 | 0.15 | 0.20 | 0.25 | 0.30 | 0.30 | 0.30 | 0.30 |
| Bankwest | 0.25 | 0.40 | 0.55 | 0.55 | 0.55 | 1.00 | 0.75 | 2.30 | 2.30 | 2.30 | 2.30 | 2.30 |
| Bank of Sydney | 0.60 | 0.80 | 1.45 | 1.35 | 1.45 | 1.90 | 1.90 | 2.15 | ||||
| BankVic | 1.05 | 1.05 | 1.05 | 1.05 | 1.05 | 1.05 | 1.10 | 1.10 | 0.65 | 1.10 | ||
| 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 | 0.25 | 1.25 | 1.90 | 2.00 | 2.75 | 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 | 0.60 | 0.60 | 0.65 | 1.10 | 1.20 | 1.90 | 3.00 | |||
| Greater Bank | 0.10 | 0.10 | 0.75 | 0.20 | 0.20 | 1.00 | 1.25 | 2.30 | 3.00 | 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 | 2.80 | 2.10 | 2.95 | 3.64 | 4.00 | 4.15 | 4.25 | ||||
| Macquarie Bank | 0.05 | 0.75 | 1.75 | 1.75 | 2.40 | 2.70 | 3.25 | 3.30 | 3.35 | 3.50 | 3.50 | |
| 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 | 1.25 | 0.60 | 0.60 | 1.60 | 1.10 | 2.35 | 2.50 | 2.70 | 2.70 | 2.70 | |
| Police Bank | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 1.00 | 2.00 | ||||
| P&N Bank | 0.85 | 1.25 | 1.00 | 1.00 | 1.75 | 1.00 | 2.35 | 2.35 | 3.00 | 3.00 | 3.00 | |
| QT Mutual Bank | 0.05 | 0.50 | 0.80 | 0.95 | 1.10 | 1.30 | 1.90 | 2.50 | 2.75 | 3.00 | 3.25 | 3.50 |
| Rabobank Australia | 0.30 | 0.30 | 0.85 | 0.85 | 0.85 | 2.10 | 2.50 | 3.00 | 3.30 | 3.35 | 3.50 | 3.50 |
| 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 | 0.05 | 0.05 | 0.07 | 0.07 | 0.10 | 0.15 | 0.20 | 0.25 | 0.30 | 0.30 | 0.30 | 0.30 |
| 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 | 1.25 | 1.25 | 1.75 | 2.00 | 2.35 | 2.50 | 3.00 | 3.00 | 3.00 |
*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.