Although the Reserve Bank of Australia is widely expected to cut the cash rate this year - maybe even as soon as next month - not all term deposit rates headed downwards this week.
Australian Military Bank, which provides banking services to the defence force and the general public, hiked its six-month Investment and Teen Plus rates to 5.10% p.a., equal to AMP's rate for amounts under $25,000.
Online bank ING had been matching the market leaders until Friday when it lowered its six-month the rate by 20 basis points (more details below).
AMP currently offers the highest rate on the market, kicking off the new year by announcing a market-leading 5.15% p.a. for amounts greater than $25,000 invested for six months.
Here are the Military Bank's new rates below:
| Term length | Deposit amount | Payment frequency | Interest rate (% change) |
Six months Investment Plus | $1,000- $250,000 | End of term | 5.10% p.a. (+0.15) |
Nine months Investment Plus | $1,000- $250,000 | End of term | 4.90% p.a. (+0.30) |
Six months Income Plus | $1,000- $250,000 | End of term | 5.00% p.a. (+0.15) |
Nine months Income Plus | $1,000- $250,000 | Monthly | 4.80% (+0.30) |
| Six months Teen plus | $500- $250,000 | End of term | 5.10% p.a. (+0.15) |
| Nine months Teen plus | $500- $250,000 | End of term | 4.90% p.a. (+0.30) |
ING cuts market-leading rate
The online bank has fallen out of the market-leading pack, taking 20 basis points off its six-month rate of 5.10% p.a. on Friday morning, dropping it to 4.90% p.a. for amounts between $10,000 and $5 million.
It now matches ING's three-month rate which has been lifted by five basis points to 4.90% p.a.
At the same time, one-year rates have dropped by 25 basis points.
Here are all the latest ING rate movements:
| Term length | Amount deposited | Payment frequency | Interest rate (% change) |
| Three months | $10,000-$5m | End of term | 4.90% p.a. (+0.05) |
| Six months | $10,000-$5m | End of term | 4.90% p.a. (-0.20) |
| One year | $10,000-$5m | End of term | 4.70% p.a. (-0.25) |
| One year | $10,000-$5m | Annually | 4.70% p.a. (-0.25) |
MyState lifts to 5%
The Tassie-based MyState Bank bank has taken a big 40 basis point leap with its six-month term deposit rate, lifting it to 5.00% p.a. for amounts of $5,000 and more.
The rate applies to both regular and online deposits, as follows:
| Term length | Deposit amount | Payment frequency | Interest rate (% change) |
| Six months online deposit | $5,000-under $100m | End of term | 5.00% p.a. (+0.40) |
| Six months regular deposit | $5,000-under $100m | End of term | 5.00% p.a. (+0.40) |
Judo chops TD rates again
Former market leader Judo Bank has slipped further down the rankings, taking another five to 15 basis points off a range of its term deposit rates this week.
Its best new rate is 4.95% p.a. for a six-month investment of between $1,000-$2 million with interest paid end of term.
Last week, Judo sliced five to 10 basis points off its three-month, nine-month, and one-year terms, taking them all below the 5.00% p.a. mark.
Only its six-month rate remained at 5.00% p.a. despite a five-basis point haircut but this week, it's followed suit, losing another five basis points.
Here's a selection of Judo's new Personal term deposit rates:
| Term length | Deposit amount | Payment frequency | Interest rate (% change) |
| Three months | $1,000-$2m | End of term | 4.85% p.a. (-0.05) |
| $1,000-$2m | Monthly | 4.75% p.a. (-0.05) | |
| Six months | $1,000-$2m | End of term | 4.95% p.a. (-0.05) |
| $1,000-$2m | Monthly | 4.85% p.a. (-0.05) | |
| Nine months | $1,000-$2m | End of term | 4.90% p.a. (-0.05) |
| $1,000-$2m | Monthly | 4.80% p.a. (-0.05) | |
| 1 year | $1,000-$2m | Annually | 4.85% p.a. (-0.05) |
| $1,000-$2m | Monthly | 4.75% p.a. (-0.05) |
The rates are also the same for Judo's Business and SMSF term deposit products.
Macquarie also cuts again
Joining Judo in making further term deposit rate cuts within a week is Australia's fifth-largest bank Macquarie which has dropped its three-, four-, and six-month rates for amounts more than $5,000, as follows:
| Term length | Deposit amount | Payment frequency | Interest rate (% change) |
| Three months | $5,000-$1m | End of term | 4.65% p.a. (-0.10) |
| Four months | $5,000-$1m | End of term | 4.60% p.a. (-0.05) |
| Six months | $5,000-$1m | End of term | 4.60% p.a. (-0.05) |
| Three months | $1,000,001- under $10m | End of term | 4.4% p.a. (-0.10) |
| Six months | $1,000,001- under $10m | End of term | 4.35% p.a. (-0.05) |
Last week, Macquarie took 10 basis points off its rates for terms under one year for amounts between $5,000 and $1 million.
This week, it's taken another five basis points off rates at the lower end, as well as a swipe at rates for amounts over $1 million.
Bank of Sydney makes bold hike
The term deposit rate fixers at Bank of Sydney are always good for a touch of the dramatic.
This week, the bank's raised its eight-month rate by a swashbuckling 1.18% to 5.08% pa, dropping its nine-month rate at the same time, as follows:
| Term deposit | Deposit amount | Payment frequency | Interest rate (% change) |
| Eight months | $1,000-$1m | End of term | 5.08% p.a. (1.18) |
| Nine months | $1,000-$1m | End of term | 4.65% p.a. (-0.40) |
It puts Bank of Sydney just off the pace in the market-high stakes for amounts between $1,000-$1 million.
Great Southern boosts TD rates by 15 bp
The former Credit Union Australia has lifted rates for deposits over $5,000 by up to 15 basis points for terms one year and under.
Great Southern's highest rate is now 4.90% p.a. for an 11-month deposit, with interest paid end of term.
Here's a selection of its new rates for end-of-term payments:
| Term length | Deposit amount | Payment frequency | Interest rate (% change) |
| Three months | $5,000-under $100m | End of term | 4.85% p.a. (+0.10) |
| Eight months | $5,000-under $100m | End of term | 4.85% p.a. (+0.15) |
| Nine months | $5,000-under $100m | End of term | 4.65% p.a. (+0.15) |
| 11 months | $5,000-under $100m | End of term | 4.90% p.a. (+0.15) |
| 1 year | $5,000-under $100m | End of term | 4.60% p.a. (+0.15) |
Rates drop by 10 basis points for interest paid monthly.
Meanwhile, Great Southern's Platinum Plus 55+ term deposit product is now paying 4.70% p.a. for a one-year deposit with interest paid end of term and 4.60% p.a. for interest paid monthly.
Beyond Bank gives and takes away
The customer-owned bank has boosted rates by 35 basis points on its three-month product offerings.
At the same time, Beyond Bank has cut 10 basis point off its nine-month deposit rates, as follows:
| Term length | Deposit amount | Payment frequency | Interest rate (% change) |
| Three months | $2,000-under $50,000 | End of term | 4.65% p.a. (+0.35) |
| $50,000-under $200,000 | End of term | 4.70% p.a. (+0.35) | |
| $200,000-under $100m | End of term | 4.7% p.a. (+0.35) | |
| Nine months | $2,000-under $50,000 | End of term | 4.45% p.a. (-0.10) |
| $50,000-under $200,000 | End of term | 4.50% p.a. (-0.10) | |
| $200,000-under $100m | End of term | 4.5% p.a. (-0.10) |
Beyond has also cut 10 basis points from its SMSF term deposit product to 4.85% p.a. for an 11-month investment for amounts between $100,000 and $5 million, payable end of term.
Other rate movers
- BCU Bank has cut the rate on its standard term deposits by up to 10 basis points for four-, nine-, and 12-month terms for amounts over $1,000.
- Summerland Bank has varied its fixed term deposit rates by up to 20 basis points, hiking rates for four-month terms and generally decreasing rates for five- and 12-month terms.
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| 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 | – | – |
