All the big four banks are now forecasting there will be no change to the cash rate in the Reserve Bank of Australia’s first meeting for 2024, held over two days on 5-6 February.

National Australia Bank fell into line with its peers last week, with all four predicting interest rates will see falls during the second half of 2024.

Last week in the term deposit market, we also saw one-time market leader ING stun the market by dumping 20 basis points from one of its leading term deposit rates.

It cut its 12-month term deposit to an interest rate of 5.10% p.a.

The current market leading rate for a one-year term deposit is 5.20% p.a. being offered by Qudos Bank and G&C Mutual Bank, according to market research.

Now let’s check what’s been happening around the grounds this week.

Macquarie Bank posts rare term deposit rate hike

Macquarie is the only prominent institution to notch a term deposit rate increase for the week.

It’s raised the rate on a one-year term deposit on amounts between $5,000 and $1 million by 0.05% to 4.80% p.a. paid annually.

At the same time, it's dropped its rate for a sixth-month term deposit by 0.05% to 4.75% p.a.

The Mutual Bank notches significant rates cuts

The Mutual Bank recorded among the heftiest term deposit rates drops this week, cutting some of its products by up to 30 basis points.

The highest rate it’s offering for its newly trimmed products is 5.00% p.a. for a two-year term deposit on amounts between $1,000 and $1 million, paid annually.

Judo Bank chops again

Judo Bank has also dropped its term deposit rates on a wide range of its products, including general, personal, business, and SMSF term deposits.

The bank has applied a broad 0.05% cut, taking its 3-month term deposit rates to either 4.80% or 4.90% p.a. depending on interest payment frequency (monthly or end of term).

This is the second week in a row the small challenger bank has cut term deposit rates.

Move Bank moves rates south

Move Bank has also applied a broad brush to its term deposit rates, trimming them by between 5 and 35 basis points.

After the cuts, Move Bank is now offering 4.95% p.a. for six and 12-month term deposits for amounts between $5,000 and $200,000, paid at the end of term.

Further term deposit rate falls

Rounding out the week, another smaller player Horizon Bank has cut its term deposit rates by 10 basis points.

Its 12-month term deposit rate for amounts between $1,000 and $1 million is now 4.90% p.a. paid annually, and 4.80% p.a. paid monthly.

Bank Australia is offering the same term deposit rates for monthly and annual payments, after dropping its rates by 15 basis points this week for amounts between $500 and $1 million.

Meanwhile, Queensland-based player Firstmac has also instituted a 10-basis point cut to 4.80% p.a. for 90-day term deposits for amounts between $5,000 and $500,000.


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          Important Information and Comparison Rate Warning

          All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 19, 2024. View disclaimer.