The big four have cut various term deposit rates by up to 45 basis points between them at the halfway point in August:

  • ANZ has dropped term deposit rates by as much as 25 basis points
  • Commonwealth Bank has lowered (and also raised) various term deposit interest rates by up to 45 basis points
  • NAB has decreased term deposit rates by as much as 10 basis points
  • Westpac Group has cut term deposit rates by up to 20 basis points: this includes related companies St. George, BankSA and Bank of Melbourne’s

Data released from the Reserve Bank earlier in August showed the average term deposit rate from the big four banks (plus Macquarie) in July fell to a new record low of 1.50% p.a.

In June it was higher at 1.60% p.a., but this figure should fall even lower next month when the data is released showing the effect of July’s RBA rate cut.

At the moment, some of the highest term deposit rates available from the big four are now well-below 2.00% p.a.

Provider

Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

Advance Notice Term Deposit - 12 months

    Monthly, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

    Term Deposit special ($5,000 to $5,000,000) (interest paid at maturity)

      Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

      Term Deposit ($5000-$499999) - 12 months

        Important Information and Comparison Rate Warning

        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of March 4, 2024. View disclaimer.

        Who else has cut interest rates?

        Interest rates on savings accounts have remained stagnant so far in August after a slew of rate cuts last month, but the same can’t be said for term deposits, with several dozen banks lowering their term deposit rates this month.

        The size of these changes varies significantly, ranging from as little as one or two basis points to as many as 64 basis points (Gateway Bank) from smaller institutions.

        The key changes Savings.com.au has found include the following:

        • Macquarie Bank decreased term deposit rates by 15 basis points
        • ME decreased term deposit rates by up to 20 basis points
        • UBank decreased term deposit rates by up to 10 basis points
        • Suncorp decreased term deposit rates by up to 15 basis points
        • AMP decreases term deposit rates by up to 10 basis points
        • Bank of Sydney decreased term deposit rates by up to 10 basis points
        • Newcastle Permanent decreased term deposit rates by up to 25 basis points
        • Bankwest decreased term deposit rates by up to 20 basis points
        • CUA decreased term deposit rates by up to 25 basis points

        After factoring in many of the term deposit rate cuts this month, the average interest rate across all terms and the majority of banks sits at just over 1.70% p.a.

        The table below shows some of the highest one-year term deposit rates as of today.

        High one-year term deposit rates

        Provider

        At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
        • Automatic maturity rollover
        • Maturity alert by email and phone
        • Early Withdrawal Available

        Term Deposit - 12 months

        • Automatic maturity rollover
        • Maturity alert by email and phone
        • Early Withdrawal Available
        At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit ($5000+) - 12 months

          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]More details

          Term Deposit - 12 months (Annually)

            At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50031$product[$field["value"]]$product[$field["value"]]More details

            Term Deposit ($500 - $1mn) - 12 months

              Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

              Term Deposit (Platinum Plus Club Members) - 12 months

                Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

                Income Plus - 12 months

                  Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                  Term Deposit ($1000-$500001) - 12 months

                    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                    Term Deposit ($5000-$999999) - 12 months

                      Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                      Term Deposit (> $1000) - 12 months

                        At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                        Term Deposit ($5k-$25k) - 12 months

                          Annually, Semi-Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

                          Term Deposit - 12 months

                            Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                            Term Deposit ($1000+) - 12 months

                              Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                              Term Deposit - 12 months

                                Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50031$product[$field["value"]]$product[$field["value"]]More details

                                Term Deposit ($500-$19999) - 12 months

                                  At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500000$product[$field["value"]]$product[$field["value"]]More details

                                  Fixed Term Deposit ($500000+) - 12 months

                                    At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                    TDs Premier Investment ($5k - $250k) - 12 months

                                      Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000031$product[$field["value"]]$product[$field["value"]]More details

                                      Term Deposit ($100,000-$999,999) - 12 months

                                        At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2000$product[$field["value"]]$product[$field["value"]]More details

                                        Term Deposit - 12 months

                                          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

                                          Term Deposit ($1000-$499999) - 12 months

                                            At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10008$product[$field["value"]]$product[$field["value"]]More details

                                            Online Term Deposit - 12 months

                                              Important Information and Comparison Rate Warning

                                              All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of March 4, 2024. View disclaimer.

                                              In terms of future rate changes, numerous well-regarded economists, including those from big four banks like Westpac, predict at least two cuts to the cash rate in the coming months.

                                              The exact timing of the cuts varies depending on who’s being asked, but Westpac’s Bill Evans predicts 25 basis point cuts in October 2019 and February 2020.

                                              If he’s correct, this would take the cash rate down to 0.50%, and term deposit rates could soon follow.

                                              In the interests of full disclosure, Savings.com.au and loans.com.au are a part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.