9 June – 13 June 2025

Summary:

Another wave of term deposit rate cuts has landed, and the retreat is gathering pace. CommBank, NAB, Westpac, and a host of former rate leaders, including Judo Bank, Macquarie, and Heartland, have all trimmed their boards. Returns above 4.50% p.a. are now endangered territory, with few outliers defying the trend.

CommBank now offers just 3.60% p.a. for 1 year, a far cry from the once-common 4% + levels. Its “special rate” of 4.10% p.a. appears to be missing altogether from the current table, suggesting that’s either ended or pulled back. NAB and Westpac have followed suit, both reducing across terms, with top 1-year rates now under 3.90%. 

Macquarie Bank cut key short-term rates—its 3-month term now sits at 4.20% p.a., down from earlier highs, and its 6-month term has slid to 4.05% p.a.. Judo Bank, long considered a rate-setter, also pulled back, with its 6-month at 4.55% and 1-year at 4.15%, down from prior peaks.

In the mid-tier and challenger bank space, Heartland Bank’s presence is missing in the updated list, but others like BankVic, IMB, and Teachers Mutual Bank are still posting top-end rates of 4.35%–4.60% in select terms.

Notable movers:

• BOQ Specialist and Rural Bank cut across the board; many terms now sit at or below 4.00%. 

• Rabobank Australia offered a rare bright spot, increasing its 3-year to 3.70%, 4-year to 4.25%, and 5-year to 4.40% p.a. 

• Bank First, BankVic, and in1bank still offer select rates at or above 4.30%, though the list is shrinking. 

• P&N Bank and Teachers Mutual Bank are holding firm in the longer terms, offering up to 4.45%. 

Exhibit 1- Highest Term Deposit Rate by Term

 

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	2.85↓	3.00↓	3.10↓	3.15↓	3.40	3.85↓	3.60↓	2.90↓	2.90↓	2.90↓
Commonwealth Bank	1.20↓	1.45↓	2.85↓	3.00↓	3.05↓	3.10↓	3.30↓	3.60↓	3.50↓	3.50	3.50	3.50
NAB	1.20↓	1.45	2.85↓	3.00↓	3.10↓	3.15↓	3.40	3.90	3.65↓	2.90	2.90	2.90
Westpac	1.25	1.45	2.75↓	2.90↓	3.00↓	3.05↓	3.30↓	3.75↓	3.50↓	3.00↓	3.00↓	3.00↓
Military Bank			3.40	4.10↓	4.10↓	4.45↓	4.10↓	4.10↓	3.80	3.80
AMP Bank	0.10	0.20	4.35	4.40	4.50	4.50	4.20	4.05	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	1.25	1.45	2.75↓	2.90↓	3.00↓	3.05↓	3.30↓	3.75↓	2.80↓	2.90↓	2.90↓	2.90↓
Bank Australia			4.45			4.20↓	4.00	3.90↓	3.80	3.80
BankSA	1.25	1.45	2.75↓	2.90↓	3.00↓	3.05↓	3.30↓	3.75↓	2.80↓	2.90↓	2.90↓	2.90↓
Bankwest	2.00	2.00	3.75	3.00	4.20	4.00	3.80	3.80	3.60	3.60	3.75	3.75
Bank of Sydney	1.25	1.50	4.00	3.50	3.50	4.35↓	4.10	4.05↓
BankVic			3.60	4.00	4.20↓	4.10↓	3.70	4.00↓	4.00	4.00	4.00	4.00
Beyond Bank			4.15↓			4.00↓	3.65↓	3.60↓	3.35↓	3.25↓	3.25↓	3.25↓
Bendigo Bank	1.25	1.50	2.90	3.40	3.10	3.80	3.70	3.60	2.95	3.00	3.00	3.00
BOQ	0.75	0.80	2.25	4.25↓	1.25	4.25↓	4.10↓	3.90↓	3.30	3.30	3.30
BOQ Specialist			4.25↓	4.30↓		4.40↓	4.20↓	4.00↓	3.50	3.50	3.50	3.50
Great Southern Bank	1.30	1.60	4.25	4.55	4.35	4.50	4.05	3.90	3.60	3.40	3.40	3.40
Defence Bank			3.60↓	3.60	3.70	3.75↓	3.75↓	3.85↓	3.45↓
Greater Bank	1.00	1.00	3.95	3.95	3.95	4.25↓	3.80	3.90↓	3.50	3.90↓	3.50	3.50
Heritage Bank	1.15	1.40	3.85	4.25↓	3.50	4.10↓	3.95	3.90↓	3.75↓	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	3.75↓	3.25↓	3.25↓	3.65↓	3.65↓	3.65↓	3.50	3.50	3.50	3.50
IMB			4.35			4.15↓		3.90↓	3.75	3.75	4.00	4.00
ING Direct			4.10↓	4.00↓		4.15↓	3.95↓	4.05	3.80
in1bank	3.85	3.90	4.45	4.40	4.30	4.25	4.10	3.95	3.85
Judo Bank			4.35↓			4.55↓	4.25↓	4.15↓	4.05↓	4.05↓	4.35↑	4.45↑
Macquarie Bank	2.10	2.10	4.20↓	4.15↓		4.05↓	3.90	3.80	3.60	3.65	3.80	3.80
ME Bank	0.75	0.80	2.25	4.25↓	4.30↓	4.40↓	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	3.95	3.95	3.95	4.25↓	3.80	3.90↓	3.50	3.90↓	3.50	3.50
People's Choice Credit Union		1.40	3.85	4.25↓	3.50	4.10↓	3.95	3.90↓	3.75↓	3.60↓	3.60↓	3.60↓
Police Bank			4.10	3.75	3.00	4.25	4.00↓	4.00↓
P&N Bank		1.60	4.30	4.15	4.50↑	4.00	3.90	4.00	4.00	4.00	4.00	4.00
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	2.00	2.10	4.15↓	3.90↓	3.90↓	4.00↓	3.90↓	3.85	3.70↑	3.80	4.25↑	4.40↑
Rural Bank Limited			4.15↓	0.00	0.00	4.00↓	3.65↓	3.60↓	3.35↓	3.25↓	3.25↓	3.25↓
St.George Bank - Except VIC	1.25	1.45	2.75↓	2.90↓	3.00↓	3.05↓	3.30↓	3.75↓	2.80↓	2.90↓	2.90↓	2.90↓
Suncorp Bank	1.30	1.90	3.65↓	3.95↓	3.35↓	4.15↓	3.85↓	3.85	3.35	3.35	3.35	3.35
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	4.20↓	4.20↓		4.30↓	4.05↓	4.00↓	3.65↓	3.65↓	3.65↓	3.65↓