Summary: Large number of rate changes, all 123 up; NAB raises 1-year rate by 160bps; notable changes made by People’s Choice, Bank First; AMP still 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. All 123 changes took the form of rate increases and one of the major banks raised its rates.
NAB made just the one change but it was a large one. Its 1-year rate was raised by 160bps.
Among the smaller ADIs, the most notable changes came from People’s Choice Credit Union. Its rates on deposits of 2 months through to 9 months were raised by amounts ranging from 30bps to 90bps while its rates on terms of 1 year through to 5 years were increased by amounts ranging from 120bps to 135bps.
Bank First’s changes were not quite as large but they were still impressive. Its 3-month rate was increased by 85bps, the 4-month rate was raised by 75bps while 6-month and 9-month deposits each had 125bps added to them. The 1 year rate was increased by 135bps and rates on longer terms were all raised by 100bps each.
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 | 0.10 | 0.12 | 0.15 | 0.20 | 0.25 | 0.30 | 0.45 | 0.65 | 1.00 | 1.50 | 1.80 | 2.00 |
| 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 | 2.30 | 2.30 | ||||
| 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 | 0.15 | 0.20 | 0.80 | 0.50 | 0.50 | 2.15 | 2.00 | 1.50 | 1.50 | 1.50 | 1.50 | 1.50 |
| 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 | 0.50 | 0.50 | 0.50 | 0.75 | 0.75 | 2.50 | 2.70 | 3.00 | ||||
| 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 | 0.15 | 0.20 | 0.35 | 0.35 | 0.35 | 0.55 | 0.50 | 1.00 | 2.15 | 2.15 | 2.15 | 2.15 |
| Bank of Sydney | 0.40 | 0.50 | 1.25 | 0.90 | 0.95 | 1.50 | 1.35 | 1.65 | ||||
| BankVic | 1.05 | 1.05 | 1.05 | 1.05 | 1.05 | 1.05 | 1.10 | 1.10 | 0.65 | 1.10 | ||
| Beyond Bank | 0.50 | 0.60 | 1.10 | 1.00 | 2.00 | 1.40 | 1.40 | 1.40 | ||||
| Bendigo Bank | 0.10 | 0.10 | 0.20 | 0.20 | 0.20 | 0.45 | 1.50 | 2.00 | 2.05 | 2.20 | 2.30 | 2.40 |
| Bank of Queensland | 0.05 | 0.08 | 1.25 | 0.10 | 0.10 | 2 | 1.75 | 2.75 | 3.00 | 3.00 | 3.00 | |
| BOQ Specialist | 1.40 | 0.40 | 2.50 | 1.75 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | |||
| Citibank | 0.15 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | |||
| CUA | 0.60 | 0.75 | 1.15 | 0.50 | 0.50 | 1.85 | 2.10 | 2.80 | 3.00 | 3.30 | 3.30 | 3.30 |
| 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 | 0.75 | 0.20 | 0.75 | 0.25 | 1.25 | 1.50 | 1.75 | 2.00 | 2.25 |
| Heritage Bank | 0.20 | 0.30 | 0.55 | 0.6 | 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 | 2.10 | 2.60 | 3.00 | |||
| HSBC | 0.25 | 0.30 | 0.85 | 0.65 | 0.65 | 1.25 | 1.75 | 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 | 0.85 | 0.85 | 1.90 | 1.90 | 2.75 | 3.10 | ||||||
| Judo Bank | 1.15 | 1.85 | 2.10 | 3.15 | 3.40 | 3.45 | 3.75 | 3.85 | ||||
| Macquarie Bank | 0.05 | 0.05 | 1.25 | 1.25 | 1.90 | 2.20 | 2.75 | 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 | 0.10 | 0.15 | 1.00 | 0.25 | 0.75 | 1.75 | 2.00 | 2.50 | 3.00 | |||
| Newcastle Permanent | 0.15 | 0.15 | 0.60 | 0.50 | 0.50 | 1.20 | 1.20 | 2.25 | 2.30 | 2.30 | 2.30 | 2.30 |
| 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 | 0.80 | 2.25 | 2.25 | 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 | 0.15 | 0.15 | 0.55 | 0.55 | 0.55 | 2.00 | 2.00 | 2.75 | 3.30 | 3.35 | 3.50 | 3.50 |
| Rural Bank | 0.10 | 0.10 | 0.20 | 0.20 | 0.20 | 0.75 | 1.50 | 2.00 | 2.05 | 2.20 | 2.30 | 2.40 |
| 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 | 1.50 | 1.85 | 2.3 | 2.65 | 2.80 | 2.95 | 3.15 |
| Teachers Mutual Bank | 0.60 | 0.60 | 0.60 | 0.65 | 0.65 | 0.65 | 0.80 | 0.80 | ||||
| The Capricornian | 0.30 | 0.75 | 1.75 | 2.00 | ||||||||
| UBank | 0.15 | 0.40 | 0.65 | 0.70 | 0.80 | 0.90 | 1.20 | 1.65 | ||||
| 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.