These weekly term deposit rate wraps are starting to feel a bit like a casualty list.

ANZ is the latest major bank to cut back, taking its top rate level with CBA and NAB, while several of the higher rates out there were also curbed.

A 0.50% rate cut remains the likeliest outcome of the May RBA decision according to the ASX RBA tracker, although the balance of probability has evened out recently as the ASX has slowly recovered from the sharp declines of early April.

Term deposit rates continue to fall away, so if you're interested in a fixed term investment, it might be a good time to get a move on and lock on one of the few strong rates still remaining.

ANZ cuts rates by up to 10 bps

Term lengthDeposit sizePayment frequencyInterest rate
Three month$5,000-$1,999,999End of term2.90% p.a. (-0.10)
Six month$5,000-$1,999,999End of term3.20% p.a. (-0.10)
Eight month$5,000-$1,999,999End of term4.20% p.a. (-0.05)

With these latest cuts, the top TD rate at ANZ drops to 4.20% p.a., the same as Commonwealth Bank (for 10 months) and NAB (for seven months).

The highest rate available among the big four is at Westpac, where existing customers who open an 11 month term online can earn 4.30% p.a..

Big hitters cut rates

The big banks have tended to offer significantly lower rates than many smaller outfits, but this week saw three of those heavy hitters trim rates this week.

Gateway Bank cut rates by up to 15 bps, including its three month rate which was previously higher than any in our database, which falls to 4.60% p.a..

Its top rate is now 4.75% p.a. for six month terms, which is 0.10% behind from Credit Union SA, the highest in our database.

Both Community First Bank and Illawarra Credit Union cut six month rates from 4.80% p.a. to 4.65% p.a., 0.20% back from Credit Union SA.

ING varies rates by up to 0.25%

Term lengthDeposit sizePayment frequencyInterest rate
Three month$10,000-$5mEnd of term4.35% p.a. (+0.10)
Six month$10,000-$5mEnd of term4.25% p.a. (-0.25)
Nine month$10,000-$5mEnd of term4.20% p.a. (-0.15)

ING seemingly pivoted its term deposit strategy this week, shifting its marquee rate from six months to three months.

Its new three month rate of 4.35% p.a. is higher than any of the other 10 biggest banks in Australia by household deposits.

However, Suncorp Bank remains the overall leader among the 10 big boppers, with a 4.40% p.a. top rate on four month term deposits and 4.55% p.a. for six months.

AMP Bank hikes rates 10 bps

Term lengthDeposit sizePayment frequencyInterest rate
Five month$25,000-$10mEnd of term4.50% p.a. (+0.10)
Six month$25,000-$10mEnd of term4.50% p.a. (+0.10)

This products are also available for smaller deposits with a 0.05% rate discount.

BankVic varies rates by up to 80 bps

Term lengthDeposit sizePayment frequencyInterest rate
Five month$5,000-$5mEnd of term4.50% p.a. (+0.80)
Six month$5,000-$5mEnd of term4.30% p.a. (-0.15)

Other movers

  • The Mutual Bank cut rates by up to 30 bps
  • Heritage Bank cut by up to 40 bps
  • Great Southern Bank cut by 10 bps
  • Summerland Bank cut rates by up to 20 bps
  • Bank of Us cut rates up to 15 bps

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    Want to earn a fixed interest rate on your cash? The table below features term deposits with some of the highest interest rates on the market for a six-month term.

    Update resultsUpdate
    Filters
    BankTerm DepositInterest Rate Interest Frequency Term Automatic Rollover Maturity Alert Early Withdrawal Available Minimum Deposit Maximum Deposit Notice Period to Withdraw Online Application Joint Application TagsFeaturesLinkComparePromoted ProductDisclosure
    5.35% p.a.
    At Maturity
    6 months
    $5,000
    $19,999
    –
    5.20% p.a.
    At Maturity
    6 months
    $10,000
    $5,000,000
    –
    5.15% p.a.
    At Maturity
    6 months
    $1,000
    $1,000,000
    –
    Important Information and Comparison Rate Warning
    Important Information and Comparison Rate Warning