Term Deposits

Summary: Considerable number of rate changes, 2 down, 67 up; notable changes made by ME, Bendigo, Rural, Military Bank; AMP still offers highest rate in survey.

There were a considerable number of rate changes made by banks, building societies and other approved deposit-taking institutions (ADIs) in this week’s YieldReport survey. Of the 69 changes, 67 took the form of rate increases. There were no changes made by the major banks.

Among the smaller ADIs, the most notable changes came from ME Bank. It raised its rates on its terms of 3 months by 10bps; 4-month rates went up by 5bps; 6-month rates went up by 15bps; 9-month, 1-year and 2-year rates were all raised by 30bps; 3-year rates had 60bps added; 4-year rates were raised by 75bps while 5-year rates had 90bps added.

Bendigo Bank and Rural Bank also made significant changes to their rates. Both ADIs added 5bps to their rates on terms of 3 months to 6 months while their rates on terms of 9-months or longer were all raised by a minimum of 30bps up to a maximum of 55bps in the case of their 5-year terms.

Another set of changes worth noting came from Military Bank. Its 2-year and 3-year rates were both raised by a whopping 120bps.

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	0.05	0.05	0.07	0.08	0.10	0.15	0.20	0.25	0.30	0.30	0.30	0.30
NAB	0.05	0.05	0.07	0.08	0.10	0.15	0.20	0.25	0.30	0.30	0.30	0.30
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	2.3	2.3
AMP Bank	0.10	0.20	0.35	0.35	1.15	1.15	0.90	1.95	2.80	3.15	3.45	3.55
Arab Bank Australia	0.15	0.20	0.80	0.50	0.50	1.00	1.10	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			0.25	0.25	0.25	0.35	0.35	0.70	0.80	0.90
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	0.05	0.10	0.20	0.20	0.20	0.40	0.25	0.45	0.50	0.50	0.50	0.50
Bank of Sydney	0.3	0.35	0.55	0.6	0.65	0.75	0.8	0.75
BankVic			0.45	0.45	0.45	0.45	0.45	0.45	0.50	0.50	0.50	0.50
Beyond Bank			0.30			0.30	0.45	0.40	0.70	0.70	0.70	0.70
Bendigo Bank	0.10	0.10	0.2	0.2	0.2	0.35	0.75	1	1	1.15	1.15	1.25
Bank of Queensland	0.05	0.08	0.15	0.10	0.10	0.30	0.75	1	1.4	1.5	1.5
BOQ Specialist			0.25	0.15		0.65	0.40	0.80	1.00	1.20	1.20	1.20
Citibank	0.15		0.65			0.65	0.65	0.65	0.65	0.65	0.65	0.65
CUA	0.10	0.15	0.50	0.50	0.50	0.55	0.60	0.80	1.20	1.40	1.45	1.50
Defence Bank	0.10	0.10	0.25	0.30	0.30	0.35	0.40	0.6	1.2
Greater Bank	0.10	0.10	0.20	0.20	0.20	0.25	0.25	0.35	0.65	0.80	0.90	1.00
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	0.10	0.10	0.25	0.25		0.30	0.30	0.60	0.70	0.80
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	0.50	0.50	0.60	0.70
ING Direct			0.05	0.05		0.07	0.18	0.22	0.25
Judo Bank			0.90			1.25	1.4	2	2.4	2.75	2.95	3.15
Macquarie Bank	0.05	0.05	0.9	0.60		1.3	1.45	2.1	2.30	2.35	2.05	2.05
ME Bank	0.15	0.15	0.45	0.4	0.40	0.8	1	1.4	1.5	2	2.25	2.5
MyState	0.10	0.15	0.25	0.25	0.25	0.5?	0.7	0.9	1.20
Newcastle Permanent	0.10	0.10	0.20	0.20	0.20	0.30	0.30	0.40	0.45	0.80	0.90	1.00
People's Choice Credit Union		0.10	0.30	0.20	0.20	0.40	0.30	0.45	0.45	0.60	0.60	0.60
Police Bank	0.40	0.40	0.40	0.40	0.40	0.40	0.45	1.05
P&N Bank		0.10	0.45	0.30	0.30	0.60	0.30	0.85	0.85	0.95	0.95	0.95
QT Mutual Bank	0.05	0.15	0.30	0.30	0.30	0.40	0.50	0.70	1.10	1.20	1.30	1.40
Rabobank Australia	0.15	0.15	0.45	0.45	0.45	0.65	0.50	0.75	0.50	0.50	1.05	1.25
Rural Bank	0.10	0.10	0.2	0.2	0.2	0.45	0.75	1	1	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	0.35?	0.25	0.25	0.5	0.65	1	1.45	1.55	1.65	1.75
Teachers Mutual Bank			0.50	0.50	0.50	0.55	0.55	0.55	0.70	0.70
The Capricornian			0.30			0.35		0.40	0.70
UBank	0.15	0.20	0.45	0.40	0.40	0.45	0.35	0.35
Bank First	0.15	0.20	0.40	0.50		0.50	0.50	0.60	0.60	0.60	0.60	0.60

^{*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.}