Summary:
Moderate number of rate changes; 29 reductions, 3 increases; rate changes by Commonwealth Bank; notable changes from Rabobank, MyState; highest rate in survey remains at 5.10%.
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. 29 of the 32 changes took the form of rate reductions.
One of the major banks changed its term-deposit rates. Commonwealth Bank lowered rates on a number of its various term deposits by amounts ranging from 20bps to 40bps. However, it also raised its 9-month and 12-month rates by 55bps.
Among the smaller ADIs, the most notable set of changes came from Rabobank Australia. Rates on terms of 6-months and longer were reduced by amounts ranging from 20bps to 50bps.
The only other especially notable change came from MyState Bank, which hiked the rate on its 3-month deposit by 150bps. It also trimmed its 9-month rate by 10bps.
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% and it is offered by several ADIs on terms of 6 months and 9 months.
| 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 | 3.50 | 3.60 | 3.70 | 3.90 | 4.00 | 4.60 | 4.00 | 4.00 | 4.00 | 4.00 |
| CBA | 1.25 | 1.50 | 3.30 | 3.30 | 3.30 | 3.55 | 4.55 | 4.55 | 3.80 | 3.60 | 3.60 | 3.60 |
| NAB | 1.25 | 1.45 | 3.50 | 3.60 | 3.70 | 3.80 | 4.00 | 4.90 | 4.00 | 3.80 | 3.80 | 3.80 |
| 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 | 4.45 | 4.20 | 4.20 | 5.05 | 4.95 | 4.75 | 4.05 | 3.95 | 3.95 | 4.00 |
| 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 | 5.00 | 4.80 | 4.85 | 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 | 3.60 | 4.00 | 4.00 | 4.60 | 4.50 | 4.50 | ||||
| BankVic | 3.60 | 4.00 | 3.70 | 5.00 | 3.70 | 4.90 | 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 | 5.00 | 4.80 | 4.95 | 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 | 5.10 | 4.65 | 5.05 | 4.75 | ||||||
| in1bank | 4.00 | 4.10 | 4.35 | 4.43 | 4.48 | 4.61 | 4.56 | 4.50 | 4.40 | |||
| Judo Bank | 5.00 | 5.10 | 5.10 | 5.05 | 4.80 | 4.80 | 4.80 | 4.80 | ||||
| Macquarie Bank | 0.05 | 0.85 | 4.85 | 4.80 | 4.75 | 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 | 5.00 | 4.80 | 4.95 | 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.