Summary:
Large number of rate changes; 50 reductions, 3 increases; rate changes by ANZ, Commonwealth, NAB; notable changes from Judo, Arab Bank; highest rate in survey remains at 5.10%.
There were a large number of rate changes made by banks, building societies and other approved deposit-taking institutions (ADIs) in this week’s YieldReport survey. 50 of the 53 changes took the form of rate reductions.
Three of the major banks changed their respective term-deposit rates. ANZ, Commonwealth and NAB all reduced a swag of deposit rates, typically with terms ranging from 3 months to 12 months. NAB also cut rates on some longer-term deposits.
Among the smaller ADIs, the most notable set of changes came from Judo Bank. All Its rates were reduced by amounts ranging from 10bps to 25bps.
Another notable set of changes came from Arab Bank Australia. Its rates on deposits of 3-month and longer were all lowered by either 10bps or 15bps, with the exception of its 5-year rate which was cut by 25bps.
See our table below for any other changes as well as the latest rates and terms which are available. The highest rate in this week’s survey remained at 5.10% but it is only offered by Military Bank now.
| 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 | 1.25 | 1.50 | 3.25 | 3.30 | 3.40 | 3.50 | 3.90 | 4.50 | 4.00 | 4.00 | 4.00 | 4.00 |
| CBA | 1.25 | 1.50 | 3.25 | 3.30 | 3.40 | 3.50 | 4.50 | 4.50 | 3.80 | 3.60 | 3.60 | 3.60 |
| NAB | 1.25 | 1.45 | 3.25 | 3.35 | 3.45 | 3.60 | 4.00 | 4.50 | 4.00 | 3.30 | 3.30 | 3.30 |
| Westpac | 1.25 | 1.45 | 3.50 | 3.55 | 3.65 | 3.75 | 4.00 | 4.25 | 4.00 | 4.00 | 4.00 | 4.00 |
| Military Bank | 3.50 | 3.50 | 3.50 | 5.10 | 5.10 | 4.80 | 4.65 | 3.95 | ||||
| AMP Bank | 0.10 | 0.20 | 4.75 | 4.75 | 5.15 | 5.05 | 5.05 | 5.05 | 4.80 | 3.30 | 3.30 | 3.30 |
| Arab Bank Australia | 1.50 | 1.50 | 4.35 | 4.10 | 4.10 | 4.90 | 4.80 | 4.60 | 3.95 | 3.85 | 3.85 | 3.75 |
| Bank of Melbourne | 1.25 | 1.45 | 3.55 | 3.60 | 3.70 | 3.80 | 4.05 | 4.30 | 4.05 | 4.05 | 4.05 | 4.05 |
| Bank Australia | 4.70 | 4.90 | 4.80 | 4.70 | 4.25 | 4.00 | ||||||
| BankSA | 1.25 | 1.45 | 3.55 | 3.60 | 3.70 | 3.75 | 4.00 | 4.25 | 4.25 | 4.00 | 4.00 | 4.00 |
| Bankwest | 2.00 | 2.00 | 3.75 | 3.00 | 3.00 | 4.25 | 4.00 | 4.85 | 4.00 | 4.00 | 4.00 | 4.00 |
| Bank of Sydney | 1.25 | 1.50 | 3.55 | 4.00 | 4.00 | 4.60 | 4.00 | 4.25 | ||||
| BankVic | 3.60 | 4.00 | 3.70 | 5.00 | 3.70 | 4.70 | 4.00 | 4.00 | 4.00 | 4.00 | ||
| Beyond Bank | 4.50 | 4.70 | 5.00 | 4.70 | 4.00 | 4.00 | 4.00 | 4.00 | ||||
| Bendigo Bank | 1.25 | 1.50 | 3.50 | 3.60 | 3.00 | 4.00 | 4.00 | 4.75 | 3.95 | 4.70 | 3.90 | 3.95 |
| Bank of Queensland | 0.75 | 0.80 | 2.25 | 4.75 | 1.25 | 5.00 | 4.80 | 4.80 | 4.20 | 3.30 | 3.30 | |
| BOQ Specialist | 4.60 | 4.75 | 5.00 | 4.80 | 4.80 | 4.30 | 3.50 | 3.50 | 3.50 | |||
| Great Southern Bank | 1.30 | 1.60 | 4.65 | 2.95 | 4.85 | 4.70 | 4.60 | 4.60 | 4.40 | 3.80 | 3.80 | 3.80 |
| Defence Bank | 4.25 | 4.45 | 4.50 | 4.70 | 4.40 | |||||||
| Greater Bank | 1.00 | 1.00 | 3.75 | 3.50 | 3.50 | 5.05 | 4.00 | 4.80 | 4.00 | 4.00 | 4.00 | 4.00 |
| Heritage Bank | 1.25 | 1.50 | 3.95 | 3.60 | 3.60 | 4.90 | 4.70 | 4.75 | 4.20 | 4.00 | 4.00 | 4.00 |
| Horizon Credit Union | 1.25 | 1.50 | 3.90 | 3.70 | 4.30 | 4.00 | 4.80 | 3.90 | 3.80 | |||
| HSBC | 1.85 | 2.00 | 4.00 | 3.75 | 3.75 | 4.40 | 4.50 | 5.00 | 4.10 | 4.00 | 4.00 | 4.00 |
| IMB | 4.20 | 4.85 | 4.80 | 4.00 | 4.00 | 4.00 | 4.00 | |||||
| ING Direct | 4.85 | 4.90 | 5.05 | 4.65 | 5.05 | 4.50 | ||||||
| in1bank | 4.00 | 4.10 | 4.35 | 4.43 | 4.48 | 4.61 | 4.56 | 4.50 | 4.40 | |||
| Judo Bank | 4.90 | 5.00 | 4.90 | 4.90 | 4.65 | 4.55 | 4.55 | 4.55 | ||||
| Macquarie Bank | 0.05 | 0.85 | 4.90 | 4.80 | 4.80 | 4.70 | 4.79 | 4.10 | 4.00 | 4.00 | 4.00 | |
| ME Bank | 0.75 | 0.80 | 2.25 | 4.75 | 1.25 | 5.00 | 4.80 | 4.80 | 2.00 | 2.00 | 2.00 | 2.00 |
| MyState | 0.50 | 0.50 | 4.00 | 4.20 | 4.50 | 4.60 | 4.75 | 5.00 | 3.95 | |||
| Newcastle Permanent | 1.00 | 1.00 | 3.50 | 3.50 | 3.50 | 5.05 | 4.00 | 4.80 | 4.00 | 4.00 | 4.00 | 4.00 |
| People's Choice Credit Union | 1.50 | 3.95 | 3.60 | 3.60 | 4.90 | 4.70 | 4.75 | 4.20 | 4.00 | 4.00 | 4.00 | |
| Police Bank | 3.50 | 3.75 | 3.00 | 4.00 | 3.75 | 4.75 | ||||||
| P&N Bank | 1.75 | 4.60 | 4.50 | 4.85 | 4.70 | 4.40 | 4.55 | 4.55 | 4.20 | 4.20 | 4.20 | |
| RACQ Bank | 0.55 | 1.60 | 4.80 | 3.50 | 3.50 | 4.85 | 4.75 | 4.75 | 4.20 | 3.95 | 3.95 | 3.95 |
| Rabobank Australia | 2.00 | 2.10 | 4.85 | 4.50 | 4.50 | 4.80 | 4.70 | 4.60 | 4.25 | 4.25 | 4.50 | 4.60 |
| Rural Bank | 1.25 | 1.50 | 3.50 | 3.60 | 3.00 | 4.00 | 4.00 | 4.75 | 3.95 | 4.00 | 4.00 | 4.00 |
| St. George Bank - Except VIC | 1.25 | 1.45 | 3.55 | 3.60 | 3.70 | 3.80 | 3.90 | 4.30 | 4.05 | 4.05 | 4.05 | 4.05 |
| Suncorp Bank | 1.30 | 1.90 | 4.45 | 3.05 | 3.45 | 4.80 | 5.05 | 4.90 | 3.95 | 3.95 | 3.95 | 3.95 |
| Teachers Mutual Bank | 4.95 | 4.95 | 4.95 | 4.95 | 4.05 | 4.75 | 4.00 | 4.00 | ||||
| The Capricornian | 3.00 | 3.25 | 4.00 | 4.00 | ||||||||
| Bank First | 0.75 | 1.00 | 4.70 | 4.70 | 4.85 | 4.85 | 4.85 | 4.00 | 4.00 | 4.00 | 4.00 |
*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.