ANZ made significant changes to its term deposit products, dropping a number of rates by up to 40 basis points but increasing some by as much as 50. 

ANZ has raised the interest rates on its eight and nine month terms by 50 basis points to 1.60% p.a, while various seven month deposits were dropped by 40 basis points to as low as 1.20% p.a. 

This sizable increase of ANZ's short-term deposits make it the highest rate available among the big four (ANZ, CBA, NAB and Westpac), with Commonwealth Bank offering the next highest eight month rate at 1.50% p.a. 

Commbank would have shared the joint-highest rate for this term, had it not cut eight month deposit rates this week as well. 

CBA decreased eight month deposit rates by 10 basis points - following these cuts, the average deposit interest rate among the big four has remained fairly consistent at 1.13% p.a, a rate well below the current level of inflation. 

The table below displays some of the highest term deposit rates on offer from the big four banks.

Provider

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

Term Deposit Special ($5,000 - $1,999,999) - 11

    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 June 24, 2024. View disclaimer.

          Other banks change deposit rates

          A host of other banks have made changes to their suite of term deposit products so far in February. These banks include:

          • Suncorp 
          • Gateway Bank 
          • CUA
          • MyState Bank
          • Greater Bank 

          Suncorp term deposit rates

          Suncorp Bank this week dropped a huge number of term deposit rates, with the largest cut being a 25 basis point decrease. 

          This 25 basis point change applies to Suncorp's three month deposits, while other terms were changed by five and 15 basis points. 

          Suncorp's four month deposits were increased by 15 basis points as well. The highest rate Suncorp now offers is 1.50% p.a. 

          Gateway Bank term deposit rates

          Gateway Bank made only a couple of term deposit rate changes this past week:

          • Its five month interest rate with a maximum $100,000 deposit was cut by 10 basis points to 1.65% p.a.
          • Its five month interest rate with a maximum $500,000 deposit was raised by 20 basis points to 1.95% p.a.

          A rate of 1.95% p.a. is highly competitive in today's market, although this is for a five month deposit only. 

          CUA term deposit rates

          Customer-owned bank CUA has cut a number of short-term deposits by up to 10 basis points, including its six-month deposit rate which is now 1.75% p.a. 

          MyState term deposit rates 

          MyState Bank has made some significant changes, increasing rates by up to 40 basis points. 

          Its nine-month deposits were upped by 40 basis points to 1.65% p.a, while five-month rates were raised by 25 basis points to reach the same 1.65% rate. 

          Greater Bank

          Another of Australia's largest customer-owned banks, Greater Bank, has raised and lowered various term deposit rates by as much as 35 basis points. 

          Once again all of the changes made apply to terms of one-year or less, with its 11-month term deposit rate being raised by 35 basis points to 1.60% p.a. 

          The table below shows some of the highest rates available for one-year deposits.

          Provider

          Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
          A GREAT RATE FOR OVER 55s
          • If you are over 55 you can take advantage of special rates
          • $0 monthly account fee
          • Guaranteed rate of return
          A GREAT RATE FOR OVER 55s

          Term Deposit (Platinum Plus 55+) - 12 months

          • If you are over 55 you can take advantage of special rates
          • $0 monthly account fee
          • Guaranteed rate of return
          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50007$product[$field["value"]]$product[$field["value"]]More details
          • Interest calculated daily and paid at end of term
          • Monthly interest available for terms over 12 months
          • For deposit amounts $5,000 - $2,000,000

          Term Deposit - 12 Months

          • Interest calculated daily and paid at end of term
          • Monthly interest available for terms over 12 months
          • For deposit amounts $5,000 - $2,000,000
          At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

          Term Deposit - 12 months

            At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500007$product[$field["value"]]$product[$field["value"]]More details

            Wealth Builder Term Deposit - 12 months ($50,000+)

              Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

              Personal Term Deposit - 12 months (Annually)

                At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

                Term Deposit ($25k-$5m) - 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

                    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"]]100031$product[$field["value"]]$product[$field["value"]]More details

                      Term Deposit - 12 months

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

                        Term Deposit ($5k-$500k) - 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

                            At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50001$product[$field["value"]]$product[$field["value"]]More details

                            Fixed Term Deposit - 12 Months ($500+)

                              At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
                              • Guaranteed rate of return
                              • Manage your term deposit online
                              • $0 monthly account fee

                              Term Deposit - 12 months

                              • Guaranteed rate of return
                              • Manage your term deposit online
                              • $0 monthly account fee
                              At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

                              Term Deposit - 12 months (Monthly)

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

                                Term Deposit ($10000+) - 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"]]500000$product[$field["value"]]$product[$field["value"]]More details

                                    Fixed Term Deposit ($500000+) - 12 months

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

                                      Term Deposit ($5000+) - 12 month

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

                                        Term Deposit Special - 12 months

                                          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100000031$product[$field["value"]]$product[$field["value"]]More details

                                          Term Deposit ($1,000,000-$2,000,000) - 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 June 24, 2024. View disclaimer.