Term Deposits

Summary: Moderate number of rate changes, zero down, 52 up; notable changes made by ING Direct, Bank of Sydney, ME Bank; AMP 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) in this week’s YieldReport survey. All 52 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 ING Direct. It raised rates on its terms of 3 months and 4 month each by 20bps while its 6-month, 9-month, 1-year and 2-year rates were increased by 43bps, 72bps, 118bps and 125bps respectively.

The Bank of Sydney also made some significant changes to its rates. Its 1-month rate had 10bps added to it; its 2-month rate was raised by 15bps; the 3-month rate jumped by 70bps; 4-month and 5-month rates were both increased by 30bps; 6-month, 9-month and 1-year rates were raised by 75bps, 55bps and 90bps respectively.

Another set of significant changes came from ME Bank. Its 6-month rate was raised by 30bps; the 9-month rate was increased by 25bps; 1-year, 2-year, 3-year, 4-year and 5-year rates were raised by 60bps, 100bps, 75bps, 50bps and 25bps 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	0.05	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	2.30	2.30
AMP Bank	0.10	0.20	0.35	0.35	1.90	1.90	2.25	2.50	3.30	3.70	3.75	3.95
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	0.50	0.50	0.90	1.20	1.40
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	0.40	0.50	1.25	0.90	0.95	1.50	1.35	1.65
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			0.40	0.65	0.60	0.80	0.80	0.80	0.80
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	0.30	0.75	1.00	1.40	1.50	1.50
BOQ Specialist			0.25	0.15		0.65	0.75	1.00	1.40	1.50	1.50	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	0.60	1.20
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	0.20	0.20	0.35	0.35		0.40	0.40	0.70	0.80	0.90
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			0.25	0.25		0.50	0.90	1.40	1.50
Judo Bank			1.25			2.10	2.45	2.70	3.50	3.80	3.85	3.75
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	0.25	0.50	0.70	0.90	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	0.50	0.80	0.90	1.10	1.20	1.30
Police Bank	0.40	0.40	0.40	0.40	0.40	0.40	0.45	1.05
P&N Bank		0.10	0.60	0.60	0.60	0.80	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	0.20	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	0.35	0.25	0.25	0.50	0.65	1.00	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.}