Summary: Moderate number of rate changes; 38 increases, 2 decreases; notable changes made by Arab Bank, Greater Bank, Bendigo/Rural; Judo offers highest rate in survey.
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. Of the 40 changes which took place, 38 took the form of rate increases. None of the major banks raised their rates.
Among the smaller ADIs, the most notable changes came from Arab Bank Australia. Its rates on terms from 1 month to 9 months were raised by amounts ranging from 35bps to 70bps while its 1-year rate was increased by 150bps. Longer term rates were each raised by 170bps.
Greater Bank’s changes were somewhat smaller and not as broad. Its 6-month and 9-month rates were both increased by 25bps, its 1-year rate was raised by 105bps and rates on deposits of 2 years, 3 years, 4 years and 5 years were increased by 150bps, 155bps, 140bps and 125bps respectively. However, Greater also cut its 4-month rate by 55bps.
Bendigo Bank’s changes were also significant. Its 4-month rate was raised by 100bps while 5-month and 1-year rates were both increased by 25bps. Rates on terms of 9 months and 2 years and longer were all increased by 50bps each. Rural Bank’s increases were identical.
See our table below for any other changes as well as the latest rates and terms which are available. Judo Bank’s 5-year deposit offers the highest rate in this week’s survey.
| 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 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.10 | 0.10 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 |
| CBA | 0.10 | 0.12 | 0.15 | 0.20 | 0.25 | 0.30 | 0.45 | 0.65 | 1.00 | 1.50 | 1.80 | 2.00 |
| NAB | 0.10 | 0.10 | 0.15 | 0.20 | 0.20 | 0.30 | 0.50 | 2.25 | 1.00 | 1.60 | 1.80 | 2.00 |
| Westpac | 0.05 | 0.05 | 0.07 | 0.07 | 0.10 | 0.15 | 0.20 | 0.25 | 0.30 | 0.30 | 0.30 | 0.30 |
| Military Bank | 0.40 | 0.40 | 0.40 | 0.50 | 0.50 | 0.75 | 3.00 | 3.00 | ||||
| AMP Bank | 0.10 | 0.20 | 0.35 | 0.35 | 1.90 | 1.90 | 2.50 | 2.90 | 3.65 | 3.90 | 4.05 | 4.15 |
| Arab Bank Australia | 0.50 | 0.60 | 1.50 | 1.00 | 1.20 | 2.50 | 2.50 | 3.00 | 3.20 | 3.20 | 3.20 | 3.20 |
| Bank of Melbourne | 0.05 | 0.05 | 0.07 | 0.07 | 0.10 | 0.15 | 0.20 | 0.25 | 0.30 | 0.30 | 0.30 | 0.30 |
| Bank Australia | 1.00 | 1.00 | 1.00 | 2.00 | 2.25 | 3.00 | 3.00 | 3.50 | ||||
| BankSA | 0.05 | 0.05 | 0.07 | 0.07 | 0.10 | 0.15 | 0.20 | 0.25 | 0.30 | 0.30 | 0.30 | 0.30 |
| Bankwest | 0.25 | 0.40 | 0.55 | 0.55 | 0.55 | 1.00 | 0.75 | 2.30 | 2.30 | 2.30 | 2.30 | 2.30 |
| Bank of Sydney | 0.60 | 0.80 | 1.45 | 1.35 | 1.45 | 1.90 | 1.90 | 2.15 | ||||
| BankVic | 1.05 | 1.05 | 1.05 | 1.05 | 1.05 | 1.05 | 1.10 | 1.10 | 0.65 | 1.10 | ||
| Beyond Bank | 0.50 | 0.75 | 1.50 | 2.00 | 2.50 | 2.50 | 2.50 | 2.50 | ||||
| Bendigo Bank | 0.10 | 0.10 | 0.20 | 1.20 | 0.45 | 0.45 | 2.00 | 2.25 | 2.55 | 2.70 | 2.80 | 2.90 |
| Bank of Queensland | 0.05 | 0.08 | 1.25 | 0.10 | 0.10 | 2.00 | 1.75 | 2.75 | 3.00 | 3.00 | 3.00 | |
| BOQ Specialist | 1.75 | 0.40 | 2.50 | 2.75 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | |||
| Citibank | 0.25 | 1.25 | 1.90 | 2.00 | 2.75 | 3.30 | 3.30 | 3.30 | 3.30 | |||
| CUA | 0.60 | 0.75 | 1.25 | 0.50 | 0.50 | 2.00 | 2.20 | 3.00 | 3.40 | 3.45 | 3.75 | 3.85 |
| Defence Bank | 0.35 | 0.35 | 0.60 | 0.60 | 0.65 | 1.10 | 1.20 | 1.90 | 3.00 | |||
| Greater Bank | 0.10 | 0.10 | 0.75 | 0.20 | 0.20 | 1.00 | 1.25 | 2.30 | 3.00 | 3.30 | 3.40 | 3.50 |
| Heritage Bank | 0.20 | 0.30 | 0.55 | 0.60 | 0.40 | 0.40 | 1.20 | 2.05 | 2.05 | 2.05 | 2.25 | 2.50 |
| Horizon Credit Union | 0.60 | 0.70 | 0.80 | 0.90 | 1.10 | 1.30 | 2.40 | 2.80 | 3.00 | |||
| HSBC | 0.25 | 0.30 | 0.85 | 0.65 | 0.65 | 1.25 | 1.75 | 2.50 | 3.00 | 3.00 | 3.00 | 3.00 |
| IMB | 0.10 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 1.25 | 1.50 | 1.75 | 2.00 |
| ING Direct | 0.85 | 0.85 | 1.90 | 1.90 | 2.75 | 3.10 | ||||||
| Judo Bank | 1.15 | 1.85 | 2.10 | 2.95 | 3.64 | 4.00 | 4.15 | 4.25 | ||||
| Macquarie Bank | 0.05 | 0.05 | 1.25 | 1.25 | 1.90 | 2.20 | 2.75 | 3.30 | 3.35 | 3.50 | 3.50 | |
| ME Bank | 0.15 | 0.15 | 1.50 | 0.40 | 0.40 | 2.50 | 2.75 | 3.00 | 3.25 | 3.25 | 3.25 | 3.25 |
| MyState | 0.50 | 0.50 | 1.00 | 1.30 | 2.00 | 1.75 | 2.50 | 3.05 | 3.35 | |||
| Newcastle Permanent | 0.15 | 0.15 | 0.60 | 0.50 | 0.50 | 1.20 | 1.20 | 2.25 | 2.30 | 2.30 | 2.30 | 2.30 |
| People's Choice Credit Union | 0.40 | 1.25 | 0.60 | 0.60 | 1.60 | 1.10 | 2.35 | 2.50 | 2.70 | 2.70 | 2.70 | |
| Police Bank | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 1.00 | 2.00 | ||||
| P&N Bank | 0.85 | 1.25 | 1.00 | 1.00 | 1.75 | 1.00 | 2.25 | 2.25 | 3.00 | 3.00 | 3.00 | |
| QT Mutual Bank | 0.05 | 0.50 | 0.80 | 0.95 | 1.10 | 1.30 | 1.90 | 2.50 | 2.75 | 3.00 | 3.25 | 3.50 |
| Rabobank Australia | 0.30 | 0.30 | 0.85 | 0.85 | 0.85 | 2.10 | 2.50 | 3.00 | 3.30 | 3.35 | 3.50 | 3.50 |
| Rural Bank | 0.10 | 0.10 | 0.20 | 1.20 | 0.45 | 0.75 | 2.00 | 2.25 | 2.55 | 2.70 | 2.80 | 2.90 |
| St. George Bank - Except VIC | 0.05 | 0.05 | 0.07 | 0.07 | 0.10 | 0.15 | 0.20 | 0.25 | 0.30 | 0.30 | 0.30 | 0.30 |
| Suncorp Bank | 0.25 | 0.45 | 1.25 | 0.45 | 0.45 | 1.55 | 1.85 | 2.30 | 2.65 | 2.80 | 2.95 | 3.15 |
| Teachers Mutual Bank | 0.60 | 0.60 | 0.60 | 0.65 | 0.85 | 1.05 | 3.20 | 3.80 | ||||
| The Capricornian | 0.30 | 0.75 | 1.75 | 2.00 | ||||||||
| UBank | 0.40 | 0.65 | 0.90 | 1.00 | 1.10 | 1.80 | 1.80 | 2.65 | ||||
| Bank First | 0.15 | 0.20 | 1.25 | 1.25 | 1.75 | 2.00 | 2.35 | 2.50 | 3.00 | 3.00 | 3.00 |
*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 and rate sheets.