Finding one-year term deposit rates starting with a 4 is becoming more common following another week of term deposit increases, with MyState Bank, Bank of us, Heritage, ME Bank and Citi joining the club.

In line with their response to the RBA, CommBank and ING also increased deposit rates in the past week, yet remain out of touch with a flurry of major and mutual banks offering one-year rates of 4% or greater.

CommBank increases term deposit rates by up to 0.50%

Australia’s largest bank increased its one-year term deposit rate by 40 basis points (0.40%) to offer a rate of 3.75% p.a.

CommBank’s 3.75% p.a. rate is available for depositors with a minimum balance of $5,000 with interest paid annually.

ING increases term deposit rates by up to 0.75%

ING increased term deposit rates this week by up to 75 basis points, with its one-year rate increasing by 55 basis points (0.55%).

ING’s new one-year deposit rate of 3.80% requires a minimum deposit of $10,000 with interest paid annually.

MyState Bank increases term deposit rates by up to 0.70%

MyState Bank increased term deposit rates by up to 70 basis points this week.

This increase sees the Tasmanian mutual bank break the 4% one-year barrier for both regular and online term deposit offerings.

MyState Bank’s one-year deposit rate increased 40 basis points to 4%, requiring a minimum deposit of $5,000 with interest paid at the end of term.

Bank of us increases term deposit rates by up to 0.80%

Another Tasmanian mutual bank to reach the 4% one-year deposit club this week was Bank of us, increasing its one-year rate by 40 basis points.

To receive Bank of us’s 4% rate, depositors are required to have a minimum deposit balance of $100,000 with interest paid at the end of term.

Heritage Bank increases term deposit rates by up to 0.75%

Heritage Bank increased term deposit rates this week by up to 75 basis points.

Heritage Bank’s one-year deposit rate headlined movement, increasing 60 basis points (0.60%) to crack 4%.

To receive Heritage Bank’s rate of 4%, depositors require a minimum balance of $1,000 with interest paid at the end of term.

ME Bank increases term deposit rates by up to 2.00%

ME Bank increased term deposit rates by the largest amount this week for both deposit customers and businesses, by up to 200 basis points.

ME Bank’s one-year term deposit rate broke the 4% barrier, increasing by 20 basis points to 4.1%.

To receive the 4.1% rate, ME Bank depositors require a minimum deposit of $5,000 with interest paid annually.

Citi Bank increases term deposit rates by up to 0.75%

NAB owned Citi Bank increased term deposit rates this week by up to 75 basis points, with its one-year rate increasing by 30 basis points (0.30%).

Citi Bank’s new one-year deposit rate of 4% requires a minimum deposit of $10,000 with interest paid annually.

People’s Choice increases term deposit rates by up to 1.05%

Having previously become the second bank to crack into the 4% one-year term deposit club, People’s Choice increased its rate further this week off the back of a 105 basis point increase to deposit rates.

People’s Choice’s one-year deposit rate increased 10 basis points to 4.10%, requiring a minimum deposit of $5,000 with interest paid annually.

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