Keeping up with recent trends, these banks have increased interest rates on certain products, following months of falls in line with recent cuts to the cash rate. 

Despite the changes over the past fortnight, the average term deposit interest rate across the market remains around 1.40% p.a, while the average rate across the big four remains around 1.13% p.a. 

Commbank term deposit rate changes 

Commbank (CBA) has changed various term deposit rates for the third time in the last couple of months, increasing and decreasing short-term deposit rates by up to 20 basis points over the past fortnight.  

The largest changes made were 20 basis point increases to various seven-month deposits, with the bank now offering rates of 1.20% p.a. on selected products. 

Every other change made were decreases up to 10 basis points for selected terms under one-year. 

A fortnight ago, CBA cut eight-month deposit rates by 10 basis points.

NAB term deposit rate changes

NAB increased the interest rates on its seven- and eight-month term deposits by 40 basis points, giving them a new interest rate of 1.50% p.a. 

This comfortably gives NAB the highest rate among the big four for seven-month terms - the next highest is CBA's 1.50% p.a.

ANZ, however, has the highest eight-month rate at 1.60% p.a. 

NAB also cut the interest rates on its five- and six-month deposits by 25 basis points to 1.25% p.a. 

Judo term deposit rate changes

Judo Bank, which claims some of the highest term deposit interest rates on the market at the time of writing, last week raised rates after lowering them a couple of weeks prior. 

Judo increased the interest rate on its one-year term by 10 basis points to 2.00% p.a, while its six- and nine-month interest rates were raised by five basis points to 1.95% p.a. 

Judo also launched a new three-month term last week with a 1.90% p.a. interest rate (or 0.475% for the quarter). 

Other noteworthy term deposit changes 

Other banks to change interest rates on term deposits in the past week or two include the likes of:

  • MyState Bank: increasing deposit rates by up to 15 basis points 
  • AMP: increased various term deposit rates by up to 10 basis points
  • bcu: decreased deposit rates by as much as 50 basis points 
  • Macquarie Bank: increased some deposit rates by 10 basis points 

Some of these recent increases could turn out to be short-lived: the recent panic over coronavirus and the RBA's admission that the bushfires could cut Australia's economic growth by 0.2% (the virus is expected to do double that) could see another cash rate cut occur as soon as March. 

Term deposit rates are closely linked to the cash rate, and a fall in the cash rate would likely see banks slash deposit rates even further.