ANZ was the last big bank standing by its term deposit offerings with the other three dropping rates last week amid the US trade tariff turbulence.
Instead ANZ chose to lower its business deposit rates although its top personal term deposit rate of 4.50% p.a. looked ripe for the slashing given its peers' top offers were between 4.20-4.30% p.a.
On Tuesday, ANZ made the predictable call to cut up to 25 basis points from its Advance Notice personal term deposit products.
Its new top rate is now 4.25% p.a. for eight months for deposits between $5,000 to under $2 million.
Here's a comparison of the best term deposit rates currently being offered by the big four:
| Bank | Best rate (term) | Deposit amount | Interest paid |
| ANZ | 4.25% p.a. (8 months) | $5,000-under $2m | End of term |
| NAB | 4.25% p.a. (7 months) | $5,000-under $2m | End of term |
| Westpac | 4.30% p.a. online/ 4.20% p.a. in branch (11 months)* *For existing Westpac customers only | $5,000-$2m | End of term |
| CommBank | 4.20% p.a. (10 months) | $5,000-under $2m | End of term |
ANZ's new TD rates
Here's a look at ANZ's new Advance Notice term deposit rates for amounts between $5,000 to under $2 million:
| Term | % change | New rate | Interest paid |
| 4 months | -0.10 | 3.05% p.a. | End of term |
| 5 months | -0.10 | 3.15% p.a. | End of term |
| 6 months | -0.10 | 3.30% p.a. | End of term |
| 7 months | -0.10 | 3.40% p.a. | End of term |
| 8 months | -0.25 | 4.25% p.a. | End of term |
| 9 months | -0.10 | 3.50% p.a. | End of term |
| 10 months | -0.10 | 3.60% p.a. | End of term |
| 11 months | -0.10 | 3.60% p.a. | End of term |
| 12 months | -0.10 | 3.90% p.a. | Annually |
| 24 months | -0.10 | 3.65% p.a. | Annually |
Rates can vary for semi-annual, quarterly, and monthly interest payments.
Big four slide alongside market's best TD rates
Term deposit rates have been on the downhill since last year as speculation mounted of an imminent cut to the Reserve Bank cash rate which finally materialised in February.
It saw rates with a 5 in front dry up and it seems safe enough to say it may be some time before depositors see those rates again.
The current highest rate on offer, according to Savings.com.au data, is 4.84% p.a. for six months, offered by Heartland Bank.
A number of small and challenger banks are currently offering 4.80% p.a. for terms between four and six months.
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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.
| Bank | Term Deposit | Interest Rate | Interest Frequency | Term | Automatic Rollover | Maturity Alert | Early Withdrawal Available | Minimum Deposit | Maximum Deposit | Notice Period to Withdraw | Account Keeping Fee | Online Application | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | – | – |
