Summary: Modest number of rate changes; 17 reductions, 7 increases; no changes from major banks; noticeable changes from Newcastle, AMP, Greater Bank, Military Bank; highest rate in survey now at 5.00%.
There were a modest number of rate changes made by banks, building societies and other approved deposit-taking institutions (ADIs) in this week’s YieldReport survey. Of the 24 changes which occurred, 17 took the form of rate reductions.
None of the major banks changed their term-deposit rates.
Among the smaller ADIs, the most notable changes came from Newcastle Permanent. Its 2-year rate was cut by 60bsp while its 3-month and 1-year rates were cut by 50bps. However, its 4-month and 5-month rates were each raised by 50bps and its 9-month rate was increased by 40bps.
Greater Bank’s changes were very similar but slightly different.
Military Bank cut the rates on its terms of 6 months, 9 months and 1 year by 35bps.
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 fell from 5.15% to 5.00% and is offered by multiple ADIs on a veriety of terms.
TERM DEPOSITS $250,000 TO $1 MILLION
| 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 | 4.10 | 4.00 | 4.70 | 4.00 | 4.00 | 4.00 | 4.00 |
| CBA | 1.25 | 1.50 | 3.50 | 3.55 | 3.65 | 3.75 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 |
| NAB | 1.25 | 1.45 | 3.50 | 3.60 | 3.70 | 3.80 | 4.00 | 4.70 | 4.00 | 4.00 | 4.00 | 4.00 |
| 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 | 4.80 | 4.80 | 4.80 | 3.95 | 3.95 | ||||
| AMP Bank | 0.10 | 0.20 | 4.75 | 4.75 | 4.75 | 5.00 | 5.00 | 4.75 | 4.20 | 4.20 | 4.20 | 4.20 |
| Arab Bank Australia | 1.50 | 1.50 | 4.45 | 4.20 | 4.20 | 5.00 | 4.80 | 4.85 | 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 | 4.95 | 4.80 | 4.90 | 4.50 | 4.40 | ||||||
| BankSA | 1.25 | 1.45 | 3.55 | 3.60 | 3.70 | 3.80 | 4.05 | 4.30 | 4.05 | 4.05 | 4.05 | 4.05 |
| Bankwest | 2.00 | 2.00 | 3.75 | 3.00 | 3.00 | 4.25 | 4.25 | 4.75 | 4.40 | 4.00 | 4.00 | 4.00 |
| Bank of Sydney | 1.25 | 1.50 | 4.80 | 4.00 | 4.00 | 4.95 | 5.00 | 5.00 | ||||
| BankVic | 3.60 | 4.00 | 3.70 | 4.80 | 3.70 | 4.75 | 4.50 | 4.50 | 4.50 | 4.50 | ||
| Beyond Bank | 4.40 | 4.70 | 4.90 | 4.60 | 4.30 | 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 | 4.00 | 4.00 | 4.00 |
| Bank of Queensland | 0.75 | 0.80 | 2.25 | 4.60 | 1.25 | 4.70 | 4.75 | 4.70 | 4.20 | 3.30 | 3.30 | |
| BOQ Specialist | 4.40 | 4.60 | 4.70 | 4.75 | 4.75 | 4.30 | 3.50 | 3.50 | 3.50 | |||
| Citibank | 1.50 | 4.65 | 4.80 | 4.90 | 5.00 | 4.50 | 4.10 | 4.10 | 4.10 | |||
| Great Southern Bank | 1.30 | 1.60 | 4.20 | 2.95 | 2.95 | 4.60 | 4.60 | 4.85 | 4.70 | 4.20 | 4.20 | 4.20 |
| Defence Bank | 4.25 | 4.45 | 4.50 | 4.90 | 5.00 | |||||||
| Greater Bank | 1.00 | 1.00 | 3.50 | 3.50 | 3.50 | 4.60 | 4.00 | 4.50 | 4.00 | 4.00 | 4.00 | 4.00 |
| Heritage Bank | 1.25 | 1.50 | 3.95 | 3.60 | 3.60 | 5.00 | 4.85 | 4.75 | 4.20 | 4.00 | 4.00 | 4.00 |
| Horizon Credit Union | 1.25 | 1.50 | 4.10 | 3.70 | 4.50 | 4.00 | 4.90 | 4.50 | 4.00 | |||
| HSBC | 1.85 | 2.00 | 4.00 | 3.75 | 3.75 | 4.40 | 4.50 | 4.30 | 4.10 | 4.00 | 4.00 | 4.00 |
| IMB | 4.20 | 4.60 | 4.90 | 4.00 | 4.00 | 4.00 | 4.00 | |||||
| ING Direct | 4.85 | 4.85 | 4.95 | 4.75 | 5.00 | 4.70 | ||||||
| Judo Bank | 4.85 | 4.95 | 5.00 | 5.00 | 4.80 | 4.80 | 4.80 | 4.80 | ||||
| Macquarie Bank | 0.05 | 0.85 | 4.85 | 4.80 | 4.80 | 4.70 | 4.70 | 4.40 | 4.35 | 4.35 | 4.35 | |
| ME Bank | 0.75 | 0.80 | 2.25 | 4.65 | 1.25 | 3.10 | 4.80 | 4.75 | 4.30 | 3.50 | 3.50 | 3.50 |
| MyState | 0.50 | 0.50 | 2.50 | 4.20 | 4.40 | 4.60 | 4.65 | 4.75 | 3.95 | |||
| Newcastle Permanent | 1.00 | 1.00 | 3.50 | 3.50 | 3.50 | 4.60 | 4.00 | 4.50 | 3.90 | 3.90 | 3.90 | 3.90 |
| People's Choice Credit Union | 1.50 | 3.95 | 3.60 | 3.60 | 5.00 | 4.85 | 4.75 | 4.20 | 4.00 | 4.00 | 4.00 | |
| Police Bank | 3.50 | 3.50 | 3.00 | 4.00 | 3.75 | 4.75 | ||||||
| P&N Bank | 1.75 | 4.90 | 3.75 | 3.40 | 5.00 | 4.70 | 4.55 | 4.55 | 4.20 | 4.20 | 4.20 | |
| RACQ Bank | 0.55 | 1.60 | 4.80 | 3.50 | 3.50 | 4.85 | 4.85 | 4.90 | 4.20 | 3.95 | 3.95 | 3.95 |
| Rabobank Australia | 2.00 | 2.10 | 4.70 | 4.50 | 4.50 | 4.75 | 4.50 | 4.75 | 4.40 | 4.40 | 4.60 | 4.70 |
| 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 | 4.05 | 4.30 | 4.05 | 4.05 | 4.05 | 4.05 |
| Suncorp Bank | 1.30 | 1.90 | 3.05 | 4.45 | 3.45 | 3.65 | 4.40 | 4.90 | 3.95 | 3.95 | 3.95 | 3.95 |
| Teachers Mutual Bank | 3.50 | 3.50 | 3.50 | 4.00 | 4.90 | 5.00 | 4.00 | 4.00 | ||||
| The Capricornian | 3.00 | 3.25 | 4.00 | 4.00 | ||||||||
| Bank First | 0.75 | 1.00 | 4.55 | 4.55 | 4.65 | 4.65 | 4.65 | 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.