Summary: Moderate number of rate changes; 31 reductions, 8 increases; Commonwealth changes several rates; notable changes from Bank of Sydney, Heritage Bank, People’s Choice; highest rate in survey unchanged at 5.15%.
There were a moderate number of rate changes made by banks, building societies and other approved deposit-taking institutions (ADIs) again in this week’s YieldReport survey. 31 of the 39 changes took the form of rate reductions.
One of the major banks changed its term-deposit rates. Commonwealth Bank cut rates on its deposits of 2 months, 3 months and 4 months by 25bps, 165bps and 5bps respectively. It also raised its 9-month and 1-year rates by 5bps each.
Among the smaller ADIs, the most notable set of changes again came from the Bank of Sydney. It raised rates on its deposits of 4 months and 5 months by 50bps and 60bps respectively.
Changes by Heritage Bank and People’s Choice were identical and significantly broader. Their rates on terms of 6 months, 9 months and 1 year were reduced by 25bps, 15bps and 15bps respectively. Their rates on terms of 2 years and longer were lowered by 10bps each.
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 remains at 5.15% (Judo Bank).
| 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 | 3.15 | 3.25 | 3.35 | 3.50 | 3.80 | 4.20 | 3.80 | 3.10 | 3.10 | 3.10 |
| CBA | 1.25 | 1.25 | 1.50 | 3.15 | 3.30 | 3.40 | 4.50 | 4.50 | 3.75 | 3.50 | 3.50 | 3.50 |
| NAB | 1.25 | 1.45 | 3.15 | 3.25 | 3.35 | 3.50 | 3.80 | 4.40 | 3.80 | 3.10 | 3.10 | 3.10 |
| Westpac | 1.25 | 1.45 | 3.25 | 3.35 | 3.45 | 3.60 | 4.00 | 4.00 | 3.80 | 3.60 | 3.60 | 3.60 |
| Military Bank | 3.50 | 3.50 | 3.50 | 4.90 | 4.90 | 4.70 | 4.65 | 3.95 | ||||
| AMP Bank | 0.10 | 0.20 | 4.70 | 4.60 | 4.60 | 4.90 | 4.80 | 4.90 | 4.20 | 3.00 | 3.00 | 3.00 |
| Arab Bank Australia | 1.50 | 1.50 | 4.35 | 4.10 | 4.10 | 4.80 | 4.65 | 4.50 | 3.95 | 3.85 | 3.85 | 3.75 |
| Bank of Melbourne | 1.25 | 1.45 | 3.55 | 3.60 | 3.70 | 3.60 | 4.00 | 4.00 | 3.80 | 3.60 | 3.60 | 3.60 |
| Bank Australia | 4.70 | 4.80 | 4.80 | 4.70 | 4.25 | 4.00 | ||||||
| BankSA | 1.25 | 1.45 | 3.25 | 3.35 | 3.45 | 3.55 | 3.95 | 3.95 | 3.95 | 3.75 | 3.55 | 3.55 |
| Bankwest | 2.00 | 2.00 | 3.75 | 3.00 | 3.00 | 4.25 | 4.00 | 4.70 | 3.90 | 3.80 | 3.80 | 3.80 |
| Bank of Sydney | 1.25 | 1.50 | 3.50 | 5.00 | 4.50 | 3.90 | 3.90 | 4.00 | ||||
| BankVic | 3.60 | 4.00 | 3.70 | 4.80 | 3.70 | 4.65 | 4.00 | 4.00 | 4.00 | 4.00 | ||
| Beyond Bank | 4.35 | 4.60 | 4.80 | 4.60 | 3.90 | 3.80 | 3.80 | 3.80 | ||||
| Bendigo Bank | 1.25 | 1.50 | 3.50 | 4.00 | 3.00 | 4.00 | 4.40 | 4.50 | 3.95 | 4.45 | 3.20 | 3.25 |
| Bank of Queensland | 0.75 | 0.80 | 2.25 | 4.75 | 1.25 | 4.75 | 4.65 | 4.60 | 4.60 | 3.30 | 3.30 | |
| BOQ Specialist | 4.60 | 4.80 | 4.80 | 4.70 | 4.65 | 4.30 | 3.50 | 3.50 | 3.50 | |||
| Great Southern Bank | 1.30 | 1.60 | 4.65 | 2.95 | 4.70 | 4.55 | 4.45 | 4.45 | 4.20 | 3.80 | 3.80 | 3.80 |
| Defence Bank | 4.25 | 3.60 | 3.70 | 4.45 | 4.00 | |||||||
| Greater Bank | 1.00 | 1.00 | 4.00 | 4.00 | 4.00 | 4.75 | 4.00 | 4.55 | 4.00 | 4.00 | 4.00 | 4.00 |
| Heritage Bank | 1.25 | 1.50 | 3.95 | 3.60 | 3.60 | 4.65 | 4.45 | 4.40 | 4.10 | 3.90 | 3.90 | 3.90 |
| Horizon Credit Union | 1.25 | 1.50 | 3.90 | 3.70 | 4.30 | 4.70 | 4.50 | 3.80 | 3.70 | |||
| HSBC | 1.85 | 2.00 | 4.50 | 3.75 | 3.75 | 4.40 | 4.30 | 4.20 | 4.10 | 4.00 | 4.00 | 4.00 |
| IMB | 4.20 | 4.75 | 4.60 | 4.00 | 4.00 | 4.00 | 4.00 | |||||
| ING Direct | 4.85 | 4.85 | 4.95 | 4.65 | 4.95 | 4.40 | ||||||
| in1bank | 4.00 | 4.10 | 4.35 | 4.43 | 4.48 | 4.61 | 4.56 | 4.50 | 4.40 | |||
| Judo Bank | 5.00 | 5.15 | 5.05 | 5.00 | 4.70 | 4.60 | 4.45 | 4.45 | ||||
| Macquarie Bank | 2.10 | 2.10 | 4.88 | 4.87 | 4.82 | 4.79 | 4.79 | 3.90 | 3.80 | 3.80 | 3.80 | |
| ME Bank | 0.75 | 0.80 | 2.25 | 4.80 | 1.25 | 4.80 | 4.70 | 4.65 | 2.00 | 2.00 | 2.00 | 2.00 |
| MyState | 0.50 | 0.50 | 4.00 | 4.20 | 4.95 | 4.60 | 4.75 | 4.65 | 3.95 | |||
| Newcastle Permanent | 1.00 | 1.00 | 4.00 | 4.00 | 4.00 | 4.75 | 4.00 | 4.55 | 4.00 | 4.00 | 4.00 | 4.00 |
| People's Choice Credit Union | 1.50 | 3.95 | 3.60 | 3.60 | 4.65 | 4.45 | 4.40 | 4.10 | 3.90 | 3.90 | 3.90 | |
| Police Bank | 4.10 | 3.75 | 3.00 | 4.00 | 5.00 | 4.75 | ||||||
| P&N Bank | 1.75 | 4.30 | 4.90 | 4.00 | 4.95 | 4.00 | 3.80 | 3.80 | 3.70 | 3.70 | 3.70 | |
| RACQ Bank | 0.55 | 1.60 | 4.85 | 3.50 | 3.50 | 4.90 | 4.65 | 4.65 | 3.90 | 3.90 | 3.90 | 3.90 |
| Rabobank Australia | 2.00 | 2.10 | 4.85 | 4.50 | 4.50 | 4.90 | 4.70 | 4.55 | 4.00 | 4.00 | 4.30 | 4.40 |
| Rural Bank | 1.25 | 1.50 | 3.50 | 4.00 | 3.00 | 4.00 | 4.40 | 4.50 | 3.30 | 3.30 | 3.30 | 3.30 |
| St. George Bank - Except VIC | 1.25 | 1.45 | 3.55 | 3.60 | 3.70 | 3.60 | 3.80 | 4.00 | 3.80 | 3.60 | 3.60 | 3.60 |
| Suncorp Bank | 1.30 | 1.90 | 4.60 | 4.70 | 3.45 | 3.70 | 3.90 | 4.15 | 3.95 | 3.95 | 3.95 | |
| Teachers Mutual Bank | 4.80 | 4.80 | 4.80 | 4.75 | 4.05 | 4.60 | 4.00 | 4.00 | ||||
| The Capricornian | 3.00 | 3.25 | 4.00 | 4.00 | ||||||||
| Bank First | 0.75 | 1.00 | 4.65 | 4.65 | 4.80 | 4.75 | 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.