Term Deposits

Summary:  Moderate number of rate changes, 1 down, 58 up; notable changes made by HSBC, Rural, Bendigo; AMP still 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) again in this week’s YieldReport survey. Of the 59 changes which took place, 58 took the form of rate increases. None of the major banks raised their rates

Among the smaller ADIs, the most notable changes came from HSBC. Its rates on deposits of 2 years to 5 years were each raised by 150bps while rates on terms of 1 year and lower were raised by a minimum of 20bps and a maximum of 60bps.

Rural Bank’s changes were restricted to terms of 6-months or longer. Its 6-month was raised by 30bps; the 9-month rate was increased by 75bps; the 1-year rate had 100bps added to it; 2-year and 3-year rates were each increased by 105bps while 4-year and 5-year rates were each raised by 115bps. Bendigo Bank’s changes were almost identical to those of Rural Bank except its 6-month rate was increased by only 10bps instead of 30bps.

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	0.65	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	2.00	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			0.60	0.60	0.60	0.60	0.60	0.60	0.65	0.65	0.65	0.65
Beyond Bank			0.50			0.60	0.90	0.80	2.00	1.00	1.00	1.00
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	0.15	0.10	0.10	0.75	1.50	1.75	2.25	2.50	2.50
BOQ Specialist			0.40	0.40		1.10	1.20	1.90	2.30	2.50	2.50	2.20
Citibank	0.15		0.65			0.65	0.65	0.65	0.65	0.65	0.65	0.65
CUA	0.20	0.25	0.65	0.50	0.50	1.10	1.30	2.00	2.50	2.80	2.80	2.80
Defence Bank	0.35	0.35	0.50	0.50	0.55	0.60	0.70	0.90	2.00
Greater Bank	0.10	0.10	0.20	0.20	0.20	0.25	0.25	0.60	0.90	1.05	1.15	1.25
Heritage Bank	0.20	0.30	0.35	0.40	0.40	0.40	0.90	1.00	1.20	2.00	2.25	2.50
Horizon Credit Union	0.35	0.35	0.50	0.55		0.60	0.80	1.10	1.30	1.50
HSBC	0.25	0.30	0.85	0.65	0.65	1.05	1.25	1.50	2.00	2.00	2.00	2.00
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			0.25	0.25		0.50	1.50	2.00	2.50
Judo Bank			1.15			1.85	2.10	2.70	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	0.45	0.40	0.40	1.50	1.75	2.30	2.75	3.00	3.00	3.00
MyState	0.10	0.15	0.25	0.25	0.75	0.50	0.70	0.90	2.50
Newcastle Permanent	0.15	0.15	0.30	0.40	0.40	0.60	0.75	1.00	1.05	1.15	1.25	1.35
People's Choice Credit Union		0.10	0.30	0.20	0.20	0.40	0.50	1.00	1.20	1.40	1.45	1.50
Police Bank	0.40	0.40	0.40	0.40	0.40	0.40	0.45	1.05
P&N Bank		0.55	0.80	0.80	0.80	1.25	0.80	1.60	1.60	2.00	2.00	2.00
QT Mutual Bank	0.05	0.25	0.55	0.50	0.60	1.00	1.50	2.00	2.60	2.80	2.80	3.00
Rabobank Australia	0.15	0.15	0.55	0.45	0.45	1.55	1.85	2.15	2.30	2.40	2.50	2.60
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	0.10	0.15	0.55	0.25	0.25	1.00	1.50	2.00	2.60	2.80	2.80	3.00
Teachers Mutual Bank			0.60	0.60	0.60	0.65	0.65	0.65	0.80	0.80
The Capricornian			0.30			0.35		0.65	1.00
UBank	0.15	0.40	0.65	0.70	0.80	0.90	1.20	1.65
Bank First	0.15	0.20	0.40	0.50		0.50	0.75	1.00	1.50	2.00	2.00	2.00

^{*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.}