Term Deposits

Summary:  Moderate number of rate changes, 5 down, 45 up; NAB raises most rates; notable changes made by Bank Australia, UBank; 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 50 changes which took place, 45 took the form of rate increases.

One of the major banks raised most of its rates. NAB increased rates on terms of less than six months by between 5bps and 15bps while its 9-month rate was raised by 30bps and its 1-year rate had 40bps added to it. Its 2-year, 3-year, 4-year and 5-year rates were lifted by 70bps, 130bps, 150bps and 170bps respectively.

Among the smaller ADIs, the most notable changes came from Bank Australia. Rates on deposits of 3 months to 9 months each had 25bps added to them while 1-year, 2-year and 3-year rates were raised by 110bps, 150bps and 160bps respectively.

UBank’s changes were more modest in comparison but still quite large on aggregate. Its 2-month and 3-month rates were each raised by 20bps; its 4-month rate was increased by 30bps; the 5-month rate had 40bps added; 6-month, 9-month and 1-year rates were raised by 45bps, 85bps and 130bps respectively.

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	1.00	1.00	1.00
Bendigo Bank	0.10	0.10	0.20	0.20	0.20	0.35	0.75	1.00	1.00	1.15	1.15	1.25
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	0.10	0.20	0.25	0.30	0.30	0.30	0.30	0.65	0.88	0.88	0.88	0.88
Horizon Credit Union	0.35	0.35	0.50	0.55		0.60	0.80	1.10	1.30	1.50
HSBC	0.05	0.10	0.40	0.15	0.15	0.50	0.70	0.90	0.50	0.50	0.50	0.50
IMB	0.10	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.80	1.00	1.00	1.00
ING Direct			0.25	0.25		0.50	1.50	2.00	2.00
Judo Bank			1.15			1.85	2.10	2.70	3.40	3.45	3.75	4.00
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	1.10	1.25	2.00	2.50	2.75	2.75	2.75
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	0.45	0.50	0.60	0.70	1.00	1.50	1.75	2.00	2.25	2.50
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	0.45	0.75	1.00	1.00	1.15	1.15	1.25
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.}