Which banks moved their term deposit rates this week?

In an eventful week for term deposit rates, NAB was the most prominent of several banks to announce rate increases.

This continues the long term trend of rate hikes, with the average term deposit rate at 2.85% p.a, compared to 0.25% at the beginning of 2022.

The rate changes were not only increases though, with CBA announcing rate cuts to some of its term deposit products.

NAB increases all term deposits by 0.25%

NAB announced a 25 basis point increase to its one year term deposit products.

For those who receive annual payments, the interest rate now sits at 4.00% p.a, while for those who are on semi annual, quarterly or monthly payments, the rate becomes 3.95% p.a.

All of NAB's products that the rate has been increased have a minimum deposit of $5,000.

CBA announces variations to several term deposit products

The Commonwealth Bank this week changed the rates on several of their accounts, ranging from 7 basis point decreases (-0.07%) to 5 basis point increases (0.05%).

For a deposit term of one year, with annual payments and a minimum deposit of $5,000, CBA now offer a 3.75% p.a interest rate.

For those receiving semi annual payments though, with a $50,000 minimum deposit, the rates have now fallen by 5 basis points to 3.70% p.a.

It's bad news as well for those intending on a one year term with monthly repayments, for whom the rates have also now fallen by 5 basis points to now sit at 3.65% p.a.

The biggest rate cut CBA announced this week was to the slightly unusual 13-17 month account term.

This rate fell by 7 basis points to 3.70% p.a.

In addition, from 17 January as a special offer, CBA launched a 12-month product with 4.00% p.a. interest.

Great Southern Bank increases rates by up to 0.55%

Customer-owned Great Southern Bank had the biggest jump in rates this week, with some term deposit products increasing their rates by 55 basis points.

The Brisbane-based bank has a wide range of term deposit accounts, with one month, two months and every other monthly increment (except six) up to a year.

These all have a minimum deposit size of $5,000.

These products all increased by at least 25 basis points, with particular highlights being the three month term, which moved up 0.45% to 3.05% p.a, and the nine month term which saw the biggest jump of 55 basis points to become 3.75% p.a.

For one year terms, the rates increased by 0.10%. 

For end of term payments, this brings the total rates to 4.20% p.a, while those receiving monthly payments will benefit from a 4.10% p.a interest rate.

G&C Mutual bank increases rates by up to 30 basis points

G&C announced several hikes to its term deposit rates this week.

The biggest was for one year terms, which increased by 0.3%.

Those receiving payment at the end of the term will now earn a 4.5% interest rate on their deposit ($1000 minimum), while this figure becomes 4.45% for those on monthly interest payments.

Six month term deposit accounts at G&C increased by 25 basis points, to 4.00% p.a (end of term payments) and 2.95% p.a (monthly payments).

Newcastle Permanent increases term deposits by 0.10%

Newcastle Permanent this week announced 0.1% increases to all its one year term deposit products.

All these products now have an interest yield of at least 4.00% p.a, with end of term payment receivers netting a 4.10% p.a. return.

AMP varies rates

AMP joined CBA in this week announcing a variety of rate changes to its term deposit accounts.

All two year term products fell by 15 basis points, although all continue to sit above the 4.00% p.a threshold.

Conversely, all shorter-term deposit accounts saw their rates increase by at least the same amount.

Six month term deposit accounts moved up by 15 basis points.

With a minimum deposit size of $100,000, savers can now receive a 3.95% p.a return on a six month term deposit.

For a minimum deposit of $5,000, savers can now receive a 3.90% p.a. six month return.

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