Summary: Judo Bank has regained its market lead on six-month term deposit rates, lifting to 4.9% p.a. amid a week of ongoing cuts on the wider market.
But let’s check the other latest market movements over the last weeks.
- BoQ/ME Bank rejig rates. Bank of Queensland and its subsidiary ME Bank have changed up their term deposit rates for amounts greater than $5,000, although it’s ME that’s come out on top. ME Bank has outstripped its parent company with a new top rate of 4.75% p.a. for six months for end of term payments, an increase of five basis points. Its five month rate has also seen a considerable 3.4% boost, taking it to 4.65% p.a. for end of term payments.
- ING lifts top TD rate. Long-time contender in the term deposit leaderboards, ING has also boosted its top rate this week to 4.50% p.a. for seven months (or 210 days in ING’s measure). That’s up 15 basis points on the old rate although many of its other term deposit rates have fallen this week on amounts between $1,000 and $5 million.
- BCU gives and takes away. The customer-owned bank has done a broad sweep of its term deposit rates this week, making a grand statement in lifting its top TD rate to 4.65% p.a. for five months, a substantial 65 basis point jump. But many of BCU’s other rates have been cut, some up to 70 basis points.
- Bendigo goes the chop. The rate-fixers at Bendigo Bank used only red pens when they lowered term deposit rates by up to 30 basis points this week for amounts over $5,000. Bendigo’s new rates are looking decidedly lacklustre with its best rate of 4.10% p.a. for six months the only one over the 4.00% mark – and that’s for deposits of over $5,000 only.
- Military Bank retreats on TD rates. Australian Military Bank has also made some sweeping cuts to its Investment Plus, Income Plus, and Teen Plus term deposit products, cutting rates by up to 30 basis points. Its best new rate is 4.65% p.a. for amounts between $1,000 and $250,000 deposited for six months – that’s a 10 basis point cut on the old rate.
Other rate movers
- Gateway Bank has long been a contender for the market’s top rate and is still offering 4.85% p.a. for six months on amounts $1,000 or more. Gateway has made only one change this week, lowering its 12-month rate by five basis points to 4.65% p.a.
- The other tweaker this week is Bank Australia which has cut its three-month term deposit rate by 15 basis points from 4.6% p.a. to 4.45% p.a.
Exhibit 1: Best Term Deposit Rates(12-month)
Term deposit rates by Institution.csv
| 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 | 1.45 | 3.00 | 3.15 | 3.30 | 3.40 | 3.60 | 4.20 | 3.75 | 3.10 | 3.10 | 3.10 |
| Commonwealth Bank | 1.25 | 1.50 | 3.00 | 3.15 | 3.30 | 3.40 | 3.60 | 3.60 | 3.75 | 3.50 | 3.50 | 3.50 |
| NAB | 1.25 | 1.45 | 3.00 | 3.15 | 3.25 | 3.40 | 3.60 | 4.00 | 3.80 | 2.90 | 2.90 | 2.90 |
| Westpac | 1.25 | 1.45 | 3.00 | 3.15 | 3.25 | 3.40 | 3.75 | 4.00 | 3.80 | 3.40 | 3.40 | 3.40 |
| Military Bank | 3.50 | 3.50 | 3.50 | 4.30_ | 4.30_ | 4.65_ | 4.50_ | 4.60 | ||||
| AMP Bank | 0.10 | 0.20 | 4.60 | 4.45 | 4.45 | 4.50 | 4.40 | 4.35 | 4.00 | 3.00 | 3.00 | 3.00 |
| Arab Bank Australia | 1.25 | 1.25 | 4.15 | 4.00 | 4.00 | 4.70 | 4.40 | 4.20 | 3.75 | 3.65 | 3.65 | 3.55 |
| Bank of Melbourne | 1.25 | 1.45 | 3.00 | 3.15 | 3.25 | 3.40 | 3.75 | 4.00 | 3.30 | 3.30 | 3.30 | 3.30 |
| Bank Australia | 4.45_ | 4.70 | 4.55 | 4.45 | 4.25 | 4.00 | ||||||
| BankSA | 1.25 | 1.45 | 3.00 | 3.15 | 3.25 | 3.35 | 3.70 | 3.95 | 3.95 | 3.25 | 3.25 | 3.25 |
| Bankwest | 2.00 | 2.00 | 3.75 | 3.00 | 4.75 | 4.25 | 4.00 | 4.50 | 3.90 | 3.80 | 3.80 | 3.80 |
| Bank of Sydney | 1.25 | 1.50 | 3.25 | 4.80 | 3.50 | 3.50 | 3.70 | 4.00 | ||||
| BankVic | 3.60 | 4.00 | 3.70 | 4.70 | 3.70 | 4.50 | 4.00 | 4.00 | 4.00 | 4.00 | ||
| Beyond Bank | 4.55 | 4.40 | 4.35 | 4.30 | 3.70 | 3.60 | 3.60 | 3.60 | ||||
| Bendigo Bank | 1.25 | 1.50 | 3.20_ | 3.70_ | 3.80_ | 4.10_ | 4.20 | 4.00_ | 3.25 | 3.30 | 3.30 | 3.30 |
| BOQ | 0.75 | 0.80 | 2.25 | 4.55_ | 1.25 | 4.65_ | 4.60_ | 4.50 | 4.50 | 3.30 | 3.30 | |
| BOQ Specialist | 4.60 | 4.65 | 4.75 | 4.70 | 4.50 | 4.30 | 3.50 | 3.50 | 3.50 | |||
| Great Southern Bank | 1.30 | 1.60 | 4.85 | 2.95 | 4.80 | 4.70 | 4.45 | 4.45 | 4.00 | 3.60 | 3.60 | 3.60 |
| Defence Bank | 4.00 | 3.60 | 3.70 | 4.20 | 4.00 | |||||||
| Greater Bank | 1.00 | 1.00 | 4.00 | 4.00 | 4.00 | 4.65 | 4.00 | 4.45 | 4.00 | 4.00 | 4.00 | 4.00 |
| Heritage Bank | 1.25 | 1.50 | 3.95 | 4.65 | 3.60 | 4.45 | 4.35 | 4.25 | 4.10 | 3.90 | 3.90 | 3.90 |
| Horizon Credit Union | 1.25 | 1.50 | 3.70 | 3.70 | 4.10 | 4.50 | 4.30 | 3.70 | 3.60 | |||
| HSBC | 1.85 | 2.00 | 4.25 | 3.50 | 3.50 | 4.15 | 4.15 | 4.15 | 4.00 | 4.00 | 4.00 | 4.00 |
| IMB | 4.20 | 4.65 | 4.40 | 4.00 | 4.00 | 4.00 | 4.00 | |||||
| ING Direct | 4.35_ | 4.35_ | 4.40_ | 4.45_ | 4.30_ | 3.90_ | ||||||
| in1bank | 3.85 | 3.90 | 4.45 | 4.40 | 4.30 | 4.25 | 4.10 | 3.95 | 3.85 | |||
| Judo Bank | 4.75_ | 4.90_ | 4.85_ | 4.75_ | 4.55 | 4.45 | 4.55_ | 4.55_ | ||||
| Macquarie Bank | 2.10 | 2.10 | 4.55 | 4.50 | 4.45 | 4.35 | 4.30 | 3.90 | 3.80 | 3.80 | 3.80 | |
| ME Bank | 0.75 | 0.80 | 2.25 | 4.55 | 4.65_ | 4.75_ | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
| MyState Bank | 0.50 | 0.50 | 4.00 | 4.20 | 4.60 | 4.75 | 4.60 | 4.55 | 3.95 | |||
| Newcastle Permanent | 1.00 | 1.00 | 4.00 | 4.00 | 4.00 | 4.65 | 4.00 | 4.45 | 4.00 | 4.00 | 4.00 | 4.00 |
| People's Choice Credit Union | 1.50 | 3.95 | 4.65 | 3.60 | 4.45 | 4.35 | 4.25 | 4.10 | 3.90 | 3.90 | 3.90 | |
| Police Bank | 4.10 | 3.75 | 3.00 | 4.00 | 4.75 | 4.60 | ||||||
| P&N Bank | 1.60_ | 4.00_ | 4.00_ | 4.65_ | 4.45_ | 4.30_ | 3.60_ | 3.60_ | 3.55_ | 3.55_ | 3.55_ | |
| RACQ Bank | 0.55 | 1.60 | 4.85 | 3.50 | 3.50 | 4.65 | 4.40 | 4.40 | 3.90 | 3.50 | 3.50 | 3.50 |
| Rabobank Australia | 2.00 | 2.10 | 4.55 | 4.00 | 4.00 | 4.40 | 4.30 | 4.30 | 4.10 | 4.20 | 4.50 | 4.65 |
| Rural Bank Limited | 1.25 | 1.50 | 3.20_ | 3.70_ | 3.80_ | 4.10_ | 4.20 | 4.00_ | 3.30 | 3.25_ | 3.30 | 3.30 |
| St.George Bank - Except VIC | 1.25 | 1.45 | 3.00 | 3.15 | 3.25 | 3.40 | 3.60 | 4.00 | 3.30 | 3.30 | 3.30 | 3.30 |
| Suncorp Bank | 1.30 | 1.90 | 3.95 | 4.55 | 3.45 | 3.65 | 4.25 | 4.30 | 3.75 | 3.75 | 3.75 | 3.75 |
| Teachers Mutual Bank | 4.80 | 4.45 | 4.50 | 4.60 | 4.45 | 4.40 | 4.00 | 4.00 | ||||
| The Capricornian | 3.00 | 3.25 | 4.00 | 4.00 | ||||||||
| Bank First | 0.75 | 1.00 | 4.45 | 4.45 | 4.60 | 4.45 | 4.40 | 4.00 | 3.80 | 3.80 | 3.80 |