Summary:
ANZ, ING reveal new term deposit rates. A boost to three month rates at ING and notable new rates from AMP were rare highlights in another mostly bleak week for Australian savers. These weekly term deposit rate wraps are starting to feel a bit like a casualty list. ANZ is the latest major bank to cut back, taking its top rate level with CBA and NAB, while several of the higher rates out there were also curbed. Term deposit rates continue to fall away, so if you’re interested in a fixed term investment, it might be a good time to get a move on and lock on one of the few strong rates still remaining.
ANZ cuts rates by up to 10 bps. With these latest cuts, the top TD rate at ANZ drops to 4.20% p.a., the same as Commonwealth Bank (for 10 months) and NAB (for seven months). The highest rate available among the big four is at Westpac, where existing customers who open an 11 month term online can earn 4.30% p.a..
Big hitters cut rates. The big banks have tended to offer significantly lower rates than many smaller outfits, but this week saw three of those heavy hitters trim rates this week. Gateway Bank cut rates by up to 15 bps, including its three month rate which was previously higher than any in our database, which falls to 4.60% p.a. Its top rate is now 4.75% p.a. for six month terms, which is 0.10% behind from Credit Union SA, the highest in our database. Both Community First Bank and Illawarra Credit Union cut six month rates from 4.80% p.a. to 4.65% p.a., 0.20% back from Credit Union SA.
ING varies rates by up to 0.25%. ING seemingly pivoted its term deposit strategy this week, shifting its marquee rate from six months to three months. Its new three month rate of 4.35% p.a. is higher than any of the other 10 biggest banks in Australia by household deposits. However, Suncorp Bank remains the overall leader among the 10 big boppers, with a 4.40% p.a. top rate on four month term deposits and 4.55% p.a. for six months.
Other movers:
- The Mutual Bank cut rates by up to 30 bps
- Heritage Bank cut by up to 40 bps
- Great Southern Bank cut by 10 bps
- Summerland Bank cut rates by up to 20 bps
- Bank of Us cut rates up to 15 bps
Term deposit rates by Institution
| Institution | 1 month | 2 month | 3 month | 4 month | 5 month | 6 month | 9 month | 1 Year | 2 Year | 3 Year | 4 Year | 5 Year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ANZ | 1.25 | 1.45 | 2.90↓ | 3.05 | 3.15 | 3.20↓ | 3.40↓ | 3.9 | 3.65 | 3.1 | 3.1 | 3.1 |
| Commonwealth Bank | 1.25 | 1.5 | 2.9 | 3.1 | 3.15 | 3.2 | 3.4 | 3.9 | 3.75 | 3.5 | 3.5 | 3.5 |
| NAB | 1.25 | 1.45 | 2.9 | 3.05 | 3.15 | 3.2 | 3.4 | 3.9 | 3.8 | 2.9 | 2.9 | 2.9 |
| Westpac | 1.25 | 1.45 | 2.9 | 3.05 | 3.15 | 3.3 | 3.5 | 3.9 | 3.65 | 3.15 | 3.15 | 3.15 |
| Military Bank | 3.40↓ | 4.20↓ | 4.30↓ | 4.55↓ | 4.20↓ | 4.25↓ | 3.8 | 3.8 | ||||
| AMP Bank | 0.1 | 0.2 | 4.35 | 4.4 | 4.45 | 4.4 | 4.2 | 4.05 | 3.7 | 3 | 3 | 3 |
| Arab Bank Australia | 1.25 | 1.25 | 4.05 | 3.9 | 3.9 | 4.6 | 4.1 | 3.9 | 3.6 | 3.5 | 3.5 | 3.4 |
| Bank of Melbourne | 1.25 | 1.45 | 2.9 | 3.05 | 3.15 | 3.3 | 3.5 | 3.9 | 3.05 | 3.05 | 3.05 | 3.05 |
| Bank Australia | 4.45 | 4.35 | 4 | 4 | 3.8 | 3.8 | ||||||
| BankSA | 1.25 | 1.45 | 2.9 | 3.05 | 3.15 | 3.3 | 3.5 | 3.9 | 3.05 | 3.05 | 3.05 | 3.05 |
| Bankwest | 2 | 2 | 3.75 | 3 | 4.2 | 4 | 3.8 | 3.8 | 3.6 | 3.6 | 3.75 | 3.75 |
| Bank of Sydney | 1.25 | 1.5 | 3.25 | 3.5 | 3.5 | 4.4 | 4.10↓ | 4.10↓ | ||||
| BankVic | 3.6 | 4 | 4.50↑ | 4.30↓ | 3.7 | 4.2 | 4 | 4 | 4 | 4 | ||
| Beyond Bank | 4.4 | 4.25 | 4 | 3.85 | 3.6 | 3.5 | 3.5 | 3.5 | ||||
| Bendigo Bank | 1.25 | 1.5 | 2.9 | 3.4 | 3.1 | 3.8 | 3.7 | 3.6 | 2.95 | 3 | 3 | 3 |
| BOQ | 0.75 | 0.8 | 2.25 | 4.35 | 1.25 | 4.4 | 4.2 | 4 | 3.3 | 3.3 | 3.3 | |
| BOQ Specialist | 4.4 | 4.45 | 4.5 | 4.4 | 4.1 | 3.5 | 3.5 | 3.5 | 3.5 | |||
| Great Southern Bank | 1.3 | 1.6 | 4.3 | 4.55 | 4.45 | 4.6 | 4.15 | 4 | 3.6 | 3.4 | 3.4 | 3.4 |
| Defence Bank | 4 | 3.6 | 3.7 | 4.1 | 4.1 | 4.2 | 3.75 | |||||
| Greater Bank | 1 | 1 | 3.95 | 3.95 | 3.95 | 4.35 | 3.8 | 4 | 3.5 | 4 | 3.5 | 3.5 |
| Heritage Bank | 1.15↓ | 1.40↓ | 3.85↓ | 4.45↓ | 3.50↓ | 4.25↓ | 3.95↓ | 4.00↓ | 3.90↓ | 3.70↓ | 3.70↓ | 3.70↓ |
| Horizon Credit Union | 1.25 | 1.5 | 3.7 | 3.7 | 4 | 4.3 | 4.1 | 3.7 | 3.6 | |||
| HSBC | 1.85 | 2 | 4 | 3.5 | 3.5 | 3.9 | 3.9 | 3.9 | 3.5 | 3.5 | 3.5 | 3.5 |
| IMB | 4.35↑ | 4.25↓ | 4.00↓ | 3.75 | 3.75 | 4 | 4 | |||||
| ING Direct | 4.35↑ | 4.25 | 4.25↓ | 4.15↓ | 4.05 | 3.8 | ||||||
| in1bank | 3.85 | 3.9 | 4.45 | 4.4 | 4.3 | 4.25 | 4.1 | 3.95 | 3.85 | |||
| Judo Bank | 4.7 | 4.6 | 4.45 | 4.3 | 4.2 | 4.2 | 4.2 | 4.25 | ||||
| Macquarie Bank | 2.1 | 2.1 | 4.25↓ | 4.20↓ | 4.1 | 3.9 | 3.8 | 3.6 | 3.65 | 3.8 | 3.8 | |
| ME Bank | 0.75 | 0.8 | 2.25 | 4.35 | 4.4 | 4.5 | 2 | 2 | 2 | 2 | 2 | 2 |
| MyState Bank | 0.5 | 0.5 | 4 | 4.2 | 4.40↓ | 4.40↓ | 4.10↓ | 4.00↓ | 3.75↓ | |||
| Newcastle Permanent | 1 | 1 | 3.95 | 3.95 | 3.95 | 4.35 | 3.8 | 4 | 3.5 | 4 | 3.5 | 3.5 |
| People's Choice Credit Union | 1.40↓ | 3.85↓ | 4.45↓ | 3.50↓ | 4.25↓ | 3.95↓ | 4.00↓ | 3.90↓ | 3.70↓ | 3.70↓ | 3.70↓ | |
| Police Bank | 4.1 | 3.75 | 3 | 4.25 | 4.5 | 4.45 | ||||||
| P&N Bank | 1.6 | 4.3 | 4.15 | 4.1 | 4 | 3.9 | 4 | 4 | 4 | 4 | 4 | |
| RACQ Bank | 0.55 | 1.6 | 4.50↓ | 3.5 | 3.5 | 4.55↓ | 4.20↓ | 4.20↓ | 3.30↓ | 3.30↓ | 3.30↓ | 3.30↓ |
| Rabobank Australia | ↓ | ↓ | ↓ | ↓ | ↓ | ↓ | ↓ | ↓ | ↓ | ↓ | ↓ | ↓ |
| Rural Bank Limited | 4.4 | 0 | 0 | 4.25 | 4 | 3.85 | 3.6 | 3.5 | 3.5 | 3.5 | ||
| St.George Bank - Except VIC | 1.25 | 1.45 | 2.9 | 3.05 | 3.15 | 3.3 | 3.5 | 3.9 | 3.05 | 3.05 | 3.05 | 3.05 |
| Suncorp Bank | 1.3 | 1.9 | 3.9 | 4.4 | 3.45 | 4.55 | 4 | 3.85 | 3.35 | 3.35 | 3.35 | 3.35 |
| Teachers Mutual Bank | 4.4 | 4.25 | 4.05 | 4.6 | 4.3 | 4.3 | 3.8 | 3.8 | ||||
| The Capricornian | 3 | 3.25 | 3.80↓ | 3.70↓ | ||||||||
| Bank First | 0.75 | 1 | 4.25↓ | 4.25↓ | 4.40↓ | 4.25↓ | 4.15↓ | 3.8 | 3.8 | 3.8 | 3.8 |