While the cash rate is unchanged, many analysts agree we likely have not reached the peak.
It's far from the end from a new dawn for savers, and this week saw the usual suspects increase term deposit rates once again, jostling to offer the highest rates available in Australia.
NAB, Suncorp, Judo, ANZ and Firstmac were among those that hiked up returns, with a few new market-leading rates.
Judo increases rates by up to 30 basis points
| Term length | Deposit size | Payment frequency | Interest rate (Percentage point change) |
| Six months | $1,000-$999,999 | End of term | 5.45% p.a (+0.13) |
| One year | $1,000-$999,999 | End of term | 5.45% p.a (+0.15) |
| One year | $1,000-$999,999 | Monthly | 5.35% p.a (+0.15) |
| Two years | $1,000-$999,999 | End of term | 5.35% p.a (+0.25) |
| Three years | $1,000-$999,999 | End of term | 5.35% p.a (+0.3) |
Judo moved this week to reestablish itself as the market leader for both six month and one year term deposits, with the highest rate for both now 5.45% p.a.
Last week, Judo made the slightly unusual decision to offer higher rates for six month terms than one year, but rates for both are now the same.
As with most term deposit providers, Judo offers its highest rates on products with returns paid at the term's conclusion, with slight discounts for those who prefer to receive annual or monthly interest payments.
Suncorp increases rates by up to 45 basis points
| Term length | Deposit size | Payment frequency | Interest rate (Percentage point change) |
| Nine months | $5,000-$2,000,000 | End of term | 4.60% p.a (+0.2) |
| Nine months | $5,000-$2,000,000 | Monthly | 4.55% p.a (+0.2) |
| One year | $5,000-$2,000,000 | Annually | 5.00% p.a (+0.45) |
| One year | $5,000-$2,000,000 | Monthly | 4.95% p.a (+0.45) |
Suncorp is the latest major bank to crack the 5% mark for one year term deposits.
It also offers products with monthly interest payments, but again, this means a 5 basis point reduction in interest payments.
Firstmac increases rates by 10 basis points
| Term length | Deposit size | Payment frequency | Interest rate (Percentage point change) |
| Three months | $5,000-$5,000,000 | End of term | 5.10% p.a (+0.1) |
| Six months | $5,000-$5,000,000 | End of term | 5.40% p.a (+0.1) |
| One year | $5,000-$5,000,000 | End of term | 5.40% p.a (+0.1) |
Firstmac (via Goldfields Money) and Judo have leapfrogged one another over the past few weeks, fighting it out to offer the highest rate.
Last week, both were neck and neck at 5.30% p.a for one year terms, but Judo increased by five extra basis points this week to establish itself as the outright market leader.
If recent track records are anything to go by, it wouldn't be surprising to see one of the two be the first provider to offer rates in excess of 5.50% p.a.
AMP increases rates by up to 45 basis points
| Term length | Deposit size | Payment frequency | Interest rate (Percentage point change) |
| Six months | $5,000-$24,999.99 | End of term | 5.10% p.a (+0.4) |
| Six months | $25,000-$4,999,999.99 | End of term | 5.15% p.a (+0.4) |
| One year | $5,000-$24,999.99 | End of term | 5.30% p.a (+0.35) |
| One year | $25,000-$4,999,999.99 | End of term | 5.35% p.a (+0.35) |
AMP was another big mover this week, hiking up rates to now sit within 10 basis points of the market leaders for one year term deposits.
While we've focused on six month and one year products here, AMP has one of the most comprehensive ranges of term deposit products available.
Customers can choose from eclectic term lengths including any interval from one to thirteen months, while interest payments are also available annually, semi annually, quarterly and monthly, at slightly discounted rates.
NAB increases rates by up to 50 basis points
| Term length | Deposit size | Payment frequency | Interest rate (Percentage point change) |
| Three months | $5,000-$1,999,999 | End of term | 3.50% p.a (+0.5) |
| Six months | $5,000-$1,999,999 | End of term | 3.80% p.a (+0.25) |
| One year | $5,000-$1,999,999 | End of term | 4.75% p.a (+0.15) |
| One year | $5,000-$1,999,999 | Monthly | 4.65% p.a (+0.15) |
The biggest bank to move term deposit rates this week was NAB, with increases of up to 50 basis points.
NAB economist Taylor Nugent is one analyst who feels the RBA is yet to reach the terminal cash rate.
"We can read [the July monetary policy decision] in the context of the RBA, at this stage of the cycle, [not feeling] like they need to be moving 75 basis points a quarter, but this doesn't necessarily mean they think they're at the peak," Mr Nugent said in the wake of Tuesday's announcement.
ANZ increase Advance notice rates by up to 55 basis points
| Term length | Deposit size | Payment frequency | Interest rate (Percentage point change) |
| Three-Four months | $5,000-$999,999.99 | End of term | 3.50% p.a (+0.5) |
| Six-Seven months | $5,000-$999,999.99 | End of term | 3.80% p.a (+0.35) |
| One-Two years | $5,000-$999,999.99 | Annually | 4.75% p.a (+0.15) |
| Two-Three years | $5,000-$999,999.99 | Annually | 4.50% p.a (+0.55) |
ANZ was the other of the big four to increase term deposit rates, moving up returns on its range of Advance Notice products.
Customers need to give at least 31 days warning if they intend to withdraw early in order to receive these higher rates.
For one year terms, ANZ is now level with CBA's special offer of a 4.75% p.a rate, announced last week.
Other movers
- BankVic increased rates by up to 25 basis pionts
- Heritage Bank increased rates by up to 20 basis points
- People's Choice increased rates by up to 20 basis points
- Community First increased rates on its special offer products by up to 80 basis points
- Beyond Bank increased rates by up to 35 basis points
- Australian Military Bank increased rates by up to 80 basis points
- Great Southern Bank increased rates by up to 40 basis points
- Greater Bank increased rates by up to 100 basis points
- Newcastle Permanent increased rates by up to 85 basis points
- The Capricornian increased rates by up to 85 basi points
- MOVE increased rates by up to 120 basis points
- Australian Mutual Bank increased rates by up to 25 basis points
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