Summary: Large number of rate changes, 1 down, 90 up; notable changes made by Commonwealth, BoQ, BoQ Specialist, Bank First; AMP offers still highest rate in survey after 20bps rise.
There were a large number of rate changes made by banks, building societies and other approved deposit-taking institutions (ADIs) in this week’s YieldReport survey. Of the 91 changes which took place, 90 took the form of rate increases.
One of the major bank raised all of its rates. Commonwealth Bank raised its rates on terms from 1 month to 4 months by 5bps, 7bps, 8bps and 12bps respectively while its 5-month and 6-month rates were both increased by 15bps. Its 9-month rate was upped by 25bps and 1-year, 2-year, 3-year, 4-year and 5-year rates were increased by 40bps, 70bps, 120bps, 150bps and 170bps respectively.
Among the smaller ADIs, the most notable changes came from BoQ and BoQ Specialist. BoQ raised its 6-month rate by 45bps while its 9-month and 1-year rates were each increased by 75bps. Additionally, its 2-year rate was raised by 85bps while its 3-year and 4-year rates were each increased by 100bps.
BoQ Specialist implemented these same increases but it also raised its 3-month and 4-month rates by 15bps and 25bps respectively while upping its 5-year rate by 100bps.
Bank First also implemented some large changes to its rates. Its 9-month rate had 25bps added to it, the 1-year rate was raised by 40bps, the 2-year rate was increased by 90bps while its rates on terms of 3-years and longer were all raised by 140bps each.
See our table below for any other changes as well as the latest rates and terms which are available. AMP Bank’s 5-year deposit offers the highest rate in this week’s survey after it was raised by 20bps.
| 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 | 0.05 | 0.05 | 0.07 | 0.08 | 0.10 | 0.15 | 0.20 | 0.25 | 0.30 | 0.30 | 0.30 | 0.30 |
| 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 | 2.30 | 2.30 | ||||
| AMP Bank | 0.10 | 0.20 | 0.35 | 0.35 | 2.15 | 2.15 | 2.50 | 2.90 | 3.65 | 3.90 | 4.05 | 4.15 |
| Arab Bank Australia | 0.15 | 0.20 | 0.80 | 0.50 | 0.50 | 1.00 | 1.10 | 1.50 | 1.50 | 1.50 | 1.50 | 1.50 |
| 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 | 0.25 | 0.25 | 0.25 | 0.50 | 0.50 | 0.90 | 1.20 | 1.40 | ||||
| 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 | 0.05 | 0.10 | 0.20 | 0.20 | 0.20 | 0.40 | 0.25 | 0.45 | 0.50 | 0.50 | 0.50 | 0.50 |
| Bank of Sydney | 0.40 | 0.50 | 1.25 | 0.90 | 0.95 | 1.50 | 1.35 | 1.65 | ||||
| BankVic | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.65 | 0.65 | 0.65 | 0.65 | ||
| Beyond Bank | 0.30 | 0.40 | 0.65 | 0.60 | 0.80 | 0.80 | 0.80 | 0.80 | ||||
| Bendigo Bank | 0.10 | 0.10 | 0.20 | 0.20 | 0.20 | 0.35 | 0.75 | 1.00 | 1.00 | 1.15 | 1.15 | 1.25 |
| Bank of Queensland | 0.05 | 0.08 | 0.15 | 0.10 | 0.10 | 0.75 | 1.50 | 1.75 | 2.25 | 2.50 | 2.50 | |
| BOQ Specialist | 0.40 | 0.40 | 1.10 | 1.20 | 1.90 | 2.30 | 2.50 | 2.50 | 2.20 | |||
| Citibank | 0.15 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | |||
| CUA | 0.10 | 0.15 | 0.50 | 0.50 | 0.50 | 0.55 | 0.60 | 0.80 | 1.20 | 1.40 | 1.45 | 1.50 |
| Defence Bank | 0.10 | 0.10 | 0.25 | 0.30 | 0.30 | 0.35 | 0.40 | 0.60 | 1.20 | |||
| Greater Bank | 0.10 | 0.10 | 0.20 | 0.20 | 0.20 | 0.25 | 0.25 | 0.60 | 0.90 | 1.05 | 1.15 | 1.25 |
| Heritage Bank | 0.10 | 0.20 | 0.25 | 0.30 | 0.30 | 0.30 | 0.30 | 0.65 | 0.88 | 0.88 | 0.88 | 0.88 |
| Horizon Credit Union | 0.35 | 0.35 | 0.50 | 0.55 | 0.60 | 0.80 | 1.10 | 1.30 | 1.50 | |||
| HSBC | 0.05 | 0.10 | 0.40 | 0.15 | 0.15 | 0.50 | 0.70 | 0.90 | 0.50 | 0.50 | 0.50 | 0.50 |
| IMB | 0.10 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.80 | 1.00 | 1.00 | 1.00 |
| ING Direct | 0.25 | 0.25 | 0.50 | 0.90 | 1.40 | 1.50 | ||||||
| Judo Bank | 1.25 | 2.10 | 2.45 | 2.70 | 3.50 | 3.80 | 3.85 | 4.05 | ||||
| Macquarie Bank | 0.05 | 0.05 | 1.25 | 1.15? | 1.90 | 2.20 | 2.75 | 3.30 | 3.35 | 3.50 | 3.50 | |
| ME Bank | 0.15 | 0.15 | 0.45 | 0.40 | 0.40 | 1.10 | 1.25 | 2.00 | 2.50 | 2.75 | 2.75 | 2.75 |
| MyState | 0.10 | 0.15 | 0.25 | 0.25 | 0.75 | 0.50 | 0.70 | 0.90 | 2.50 | |||
| Newcastle Permanent | 0.10 | 0.10 | 0.20 | 0.20 | 0.20 | 0.30 | 0.30 | 0.40 | 0.45 | 0.80 | 0.90 | 1.00 |
| People's Choice Credit Union | 0.10 | 0.30 | 0.20 | 0.20 | 0.40 | 0.50 | 0.80 | 0.90 | 1.10 | 1.20 | 1.30 | |
| Police Bank | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 0.45 | 1.05 | ||||
| P&N Bank | 0.35 | 0.80 | 0.80 | 0.80 | 1.00 | 0.60 | 1.10 | 1.10 | 1.75 | 1.75 | 1.75 | |
| QT Mutual Bank | 0.05 | 0.15 | 0.30 | 0.30 | 0.30 | 0.40 | 0.50 | 0.90 | 1.35 | 1.45 | 1.50 | 1.60 |
| Rabobank Australia | 0.15 | 0.15 | 0.45 | 0.45 | 0.45 | 0.65 | 0.50 | 0.75 | 0.50 | 0.50 | 1.05 | 1.25 |
| Rural Bank | 0.10 | 0.10 | 0.20 | 0.20 | 0.20 | 0.45 | 0.75 | 1.00 | 1.00 | 1.15 | 1.15 | 1.25 |
| 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 | 0.10 | 0.15 | 0.35 | 0.25 | 0.25 | 0.50 | 0.65 | 1.00 | 1.45 | 1.55 | 1.65 | 1.75 |
| Teachers Mutual Bank | 0.50 | 0.50 | 0.50 | 0.55 | 0.55 | 0.55 | 0.70 | 0.70 | ||||
| The Capricornian | 0.30 | 0.35 | 0.65 | 1.00 | ||||||||
| UBank | 0.15 | 0.20 | 0.45 | 0.40 | 0.40 | 0.45 | 0.35 | 0.35 | ||||
| Bank First | 0.15 | 0.20 | 0.40 | 0.50 | 0.50 | 0.75 | 1.00 | 1.50 | 2.00 | 2.00 | 2.00 |
*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.