Term Deposits

Summary: Reasonable number of rate changes, 7 down, 40 up; ANZ modestly raises most rates; notable changes from AMP, RACQ, P&N; AMP Bank now offers highest rate in survey.

There were a reasonable number of changes made by banks, building societies and other approved deposit-taking institutions (ADIs) in this week’s YieldReport survey. Of the 47 changes made, 40 took the form of rate increases.

There were several changes made by one of the major banks. ANZ raised its rates on terms of 3 months, 4 months and 5 months by 3bps each while its rates on terms of 6 months and longer were all increased by 5bps.

Among the smaller ADIs, easily the most notable changes came from AMP Bank. Its 5-month and 6-month rates were each raised by 40bps; the 9-month rate was increased by 45bps; the 1-year rate was increased by 25bps; 2-year, 3-year, 4-year and 5-year rates were raised by 60bps, 75bps, 70bps and 85bps respectively.

RACQ’s changes were not as large and not confined to just rate increases. Rates on its terms of 3 months, 4 months and 5 months were all lowered by 10bps and its 6-month rate was trimmed by 5bps. However, its 1-year rate was raised by 10bps while longer-term rates were each increased by 40bps.

P&N Bank’s changes also rate a mention. Its rates on terms of 1 year and longer were all increased by 20bps.

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 now offers the highest rate in this week’s survey.

TERM DEPOSITS 250K TO $1M+

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	0.08	0.08	0.08	0.15	0.15	0.2	0.2	0.2	0.2	0.2
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	1.10	1.10
AMP Bank	0.10	0.20	0.35	0.35	0.8	0.8	0.9	1.25	1.95	2.2	2.45	2.7
Arab Bank Australia	0.15	0.20	0.60	0.50	0.50	0.75	0.75	0.85	1.00	1.00	0.85	1.30
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
Bank of Baroda Australia	0.30	0.30	0.40	0.40	0.40	0.50	0.50	0.50	0.50	0.50	0.50	0.50
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	0.20	0.25	0.40	0.45	0.60	0.55	0.55	0.60
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	0.15	0.15	0.15	0.30	0.35	0.70	0.65	0.70	0.70	0.70
Bank of Queensland	0.05	0.08	0.15	0.10	0.10	0.30	0.45	0.60	1.10	1.20	1.20
BOQ Specialist			0.25	0.15		0.35	0.40	0.60	1.00	1.20	1.20	1.20
Citibank	0.15		0.40			0.40	0.40	0.40	0.40	0.40	0.40	0.40
CUA	0.10	0.15	0.50	0.50	0.50	0.55	0.60	0.70	0.80	0.85	0.85	0.90
Defence Bank	0.10	0.10	0.25	0.30	0.30	0.35	0.40	0.45	0.80
Delphi Bank	0.05	0.05	0.10	0.05	0.10	0.30	0.25	0.30	0.25	0.30	0.30	0.30
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	0.40	0.50	0.50
HSBC	0.05	0.10	0.30	0.15	0.15	0.30	0.15	0.50	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			0.9			0.95	1.05	1.25	1.5	1.6	1.9	2
Macquarie Bank	0.05	0.05	0.6	0.50		0.9	1	1.3	1.45	1.55	1.55	1.55
ME Bank	0.15	0.15	0.35	0.35	0.40	0.50	0.7	0.9	1.20	1.40	1.50	1.60
MyState	0.10	0.15	0.25	0.25	0.25	0.70	0.50	0.80	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	0.65
P&N Bank		0.10	0.45	0.30	0.30	0.50	0.30	0.75	0.75	0.85	0.85	0.85
QT Mutual Bank	0.05	0.15	0.3	0.3	0.3	0.4	0.50	0.7	1.1	1.2	1.3	1.4
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	0.15	0.15	0.15	0.40	0.35	0.70	0.65	0.70	0.70	0.70
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	0.40	0.25	0.25	0.45	0.55	0.75	1.05	1.15	1.15	1.25
Teachers Mutual Bank			0.50	0.50	0.50	0.55	0.55	0.55	0.60	0.60
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.}