Summary:
The movements in term deposit rates by major and non-major banks continue to show a mix of stability and slight adjustments. Over the past week, changes were minimal, with a balance of small increases and decreases.
Our survey across 42 institutions indicates that the most contested term deposit term remains 6 months, followed by 3 months and 5 years.
This week the best rate with a 3-month term was 4.45%, unchanged from the week before. Both in1bank and Teachers Mutual are offering the best rates in the 3-month category.
This week the best rate within the 6-month term was 4.60%, steady from the week prior. The 6-month term continues to be the best offered rate with a median of 4.10%, unchanged from last week.
Interestingly, the best 5-year rate remained steady this week at 4.35%, compared to 4.40% in the week prior. This best 5-year rate is offered by Rabobank Australia. The median rate for the 5-year term across the 43 banks/non-banks held steady at 3.30%.
Our analysis also shows that the term deposit offerings across the market with greater than 4% rates continue to hold firm or improve slightly. In the 3-month category, we now observe 11 institutions offering greater than 4% rates, consistent with the prior week. In the 6-month category, we now observe 21 institutions offering rates greater than 4%, also unchanged from the previous week. This underscores why the 6-month category remains the most contested segment of the term deposit market.
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 | 1.20 | 1.45 | 2.70 | 2.80 | 2.90 | 2.95 | 3.20 | 3.65 | 3.40 | 2.90 | 2.90 | 2.90 |
| Commonwealth Bank | 1.20 | 1.45 | 2.85 | 2.95 | 3.00 | 3.05 | 3.20 | 3.50 | 3.40 | 3.40 | 3.40 | 3.40 |
| NAB | 1.20 | 1.45 | 2.75↓ | 2.90↓ | 2.90↓ | 3.00↓ | 3.15↓ | 3.90 | 3.40↑ | 2.90 | 2.90 | 2.90 |
| Westpac | 1.20↓ | 1.40↓ | 2.65↓ | 2.75↓ | 2.85↓ | 2.90↓ | 3.15↓ | 3.55↓ | 3.35↓ | 2.85↓ | 2.85↓ | 2.85↓ |
| Military Bank | 3.15 | 3.85 | 3.85 | 4.45 | 3.85 | 3.85 | 3.55 | 3.55 | ||||
| AMP Bank | 0.10 | 0.20 | 4.20 | 4.15 | 4.30 | 4.30 | 4.00 | 3.95 | 3.70 | 3.00 | 3.00 | 3.00 |
| Arab Bank Australia | 1.25 | 1.25 | 3.95 | 3.80 | 3.80 | 4.35 | 3.85 | 3.75 | 3.40 | 3.30 | 3.30 | 3.20 |
| Bank of Melbourne | 1.20↓ | 1.40↓ | 2.65↓ | 2.75↓ | 2.85↓ | 2.90↓ | 3.15↓ | 3.55↓ | 2.80 | 2.75↓ | 2.75↓ | 2.75↓ |
| Bank Australia | 4.00 | 4.15 | 3.95 | 3.90 | 3.80 | 3.80 | ||||||
| BankSA | 1.20↓ | 1.40↓ | 2.65↓ | 2.75↓ | 2.85↓ | 2.90↓ | 3.15↓ | 3.75 | 2.80 | 2.90 | 2.90 | 2.90 |
| Bankwest | 2.00 | 2.00 | 3.75 | 3.00 | 4.00 | 3.80 | 3.70 | ↓ | ↓ | ↓ | ↓ | 3.75 |
| Bank of Sydney | 1.25 | 1.50 | 3.95 | 3.50 | 3.50 | 4.25↓ | 4.10↓ | 4.00↓ | ||||
| BankVic | 3.60 | 4.00 | 4.20 | 4.10 | 3.70 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | ||
| Beyond Bank | 4.00 | 3.85 | 3.65 | 3.60 | 3.35 | 3.25 | 3.25 | 3.25 | ||||
| Bendigo Bank | 1.25 | 1.50 | 2.90 | 3.40 | 3.10 | 3.15 | 3.70 | 3.60 | 2.95 | 3.00 | 3.00 | 3.00 |
| BOQ | 0.75 | 0.80 | 2.25 | 4.10 | 1.25 | 4.10 | 3.90 | 3.90 | 3.00 | 3.00 | 3.00 | |
| BOQ Specialist | 4.25 | 4.15 | 4.20 | 4.00 | 3.95 | 3.50 | 3.50 | 3.50 | 3.50 | |||
| Great Southern Bank | 1.30 | 1.60 | 4.15 | 4.30 | 4.00 | 4.30 | 3.95 | 3.90 | 3.50 | 3.30 | 3.30 | 3.30 |
| Defence Bank | 3.60 | 3.60 | 3.70 | 3.75 | 3.75 | 3.85 | 3.45 | |||||
| Greater Bank | 1.00 | 1.00 | 3.85 | 3.85 | 3.85 | 4.15 | 3.70 | 3.80 | 3.40 | 3.65 | 3.40 | 3.40 |
| Heritage Bank | 1.15 | 1.40 | 3.85 | 4.15 | 3.50 | 3.95 | 3.75 | 3.75 | 3.60 | 3.60 | 3.60 | 3.60 |
| Horizon Credit Union | 1.25 | 1.50 | 3.60 | 3.60 | 4.00 | 3.90 | 3.80 | 3.60 | 3.60 | |||
| HSBC | 1.85 | 2.00 | 3.50 | 3.00 | 3.00 | 3.40 | 3.40 | 3.40 | 3.50 | 3.50 | 3.50 | 3.50 |
| IMB | 4.35 | 4.00 | 3.90 | 3.75 | 3.75 | 4.00 | 4.00 | |||||
| ING Direct | 4.30 | 4.25 | 4.15 | 3.95 | 3.95 | 3.80 | ||||||
| in1bank | 3.85 | 3.90 | 4.45 | 4.40 | 4.30 | 4.25 | 4.10 | 3.95 | 3.85 | |||
| Judo Bank | 4.25 | 4.35 | 4.15 | 4.00 | 3.95 | 4.00 | 4.25 | 4.35 | ||||
| Macquarie Bank | 2.10 | 2.10 | 4.20 | 4.15 | 4.10 | 3.80 | 3.80 | 3.60 | 3.65 | 3.80 | 3.80 | |
| ME Bank | 0.75 | 0.80 | 4.20 | 4.15 | 4.15 | 4.20 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
| MyState Bank | 0.50 | 0.50 | 4.00 | 4.15 | 4.20 | 4.20 | 4.00 | 4.00 | 3.75 | |||
| Newcastle Permanent | 1.00 | 1.00 | 3.85 | 3.85 | 3.85 | 4.15 | 3.70 | 3.80 | 3.40 | 3.65 | 3.40 | 3.40 |
| People's Choice Credit Union | 1.40 | 3.85 | 4.15 | 3.50 | 3.95 | 3.75 | 3.75 | 3.60 | 3.60 | 3.60 | 3.60 | |
| Police Bank | 4.10 | 3.75 | 3.00 | 4.25 | 4.00 | 3.95 | ||||||
| P&N Bank | 1.60 | 3.80↓ | 3.00↓ | 4.00↓ | 3.80↓ | 3.70↓ | 3.80↓ | 3.80↓ | 3.80↓ | 3.80↓ | 3.80↓ | |
| RACQ Bank | 0.55 | 1.60 | 4.15 | 3.50 | 3.50 | 4.20 | 4.00 | 4.00 | 3.30 | 3.30 | 3.30 | 3.30 |
| Rabobank Australia | ↓ | ↓ | ↓ | ↓ | ↓ | ↓ | ↓ | ↓ | ↓ | ↓ | ↓ | ↓ |
| Rural Bank Limited | 4.00 | 0.00 | 0.00 | 3.85 | 3.65 | 3.60 | 3.35 | 3.25 | 3.25 | 3.25 | ||
| St.George Bank - Except VIC | 1.20↓ | 1.40↓ | 2.65↓ | 2.75↓ | 2.85↓ | 2.90↓ | 3.15↓ | 3.55↓ | 2.80 | 2.75↓ | 2.75↓ | 2.75↓ |
| Suncorp Bank | 1.30 | 1.90 | 3.65 | 3.95 | 3.30 | 4.05 | 3.75 | 3.70 | 3.20 | 3.20 | 3.20 | 3.20 |
| Teachers Mutual Bank | 4.40 | 4.25 | 4.05 | 4.60 | 4.30 | 4.30 | 3.80 | 3.80 | ||||
| The Capricornian | 3.00 | 3.25 | 3.80 | 3.70 | ||||||||
| Bank First | 0.75 | 1.00 | 4.10 | 4.10 | 4.20 | 3.95 | 3.90 | 3.50 | 3.50 | 3.50 | 3.50 |