Home News Westpac, NAB slash term deposit rates while others stay put

Westpac, NAB slash term deposit rates while others stay put

NAB and Westpac have both shaken up the term deposit scene among the big four banks, with a few small banks trailing their moves lower.

By Bea Garcia

First published on 18 Jul 2025

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Westpac, NAB slash term deposit rates while others stay put

The Reserve Bank’s unexpected decision to hold rates steady this July appears to have left many banks cautious, as they continue to digest the implications for their term deposit offerings.

NAB and Westpac are the most recent big banks to lower rates, with ANZ having led the way by trimming its Advance Notice term deposit rates earlier.

CommBank continues to hold steady, possibly still weighing the broader economic outlook and the RBA’s stance. Meanwhile, smaller lenders have been more willing to adjust rates modestly.

Many economists now firmly expect the RBA to cut rates this August following the shock July hold decision, especially after the unexpectedly dour jobs figures.

The RBA will convene on August 11 and 12 to decide whether to adjust the cash rate.

NAB lowers term deposit rates

Term length	Deposit size	Payment frequency	New rate (change)
3-4 months	$5,000-$1,999,999	End of term	2.75% p.a. (-0.10)
4-5 months	$5,000-$1,999,999	End of term	2.90% p.a. (-0.10)
5-6 months	$5,000-$1,999,999	End of term	2.90% p.a. (-0.20)
6-7 months	$5,000-$1,999,999	End of term	3.00% p.a. (-0.05)
7-8 months	$5,000-$1,999,999	End of term	3.80% p.a. (-0.20)
8-9 months	$5,000-$1,999,999	End of term	3.10% p.a. (-0.15)
9-10 months	$5,000-$1,999,999	End of term	3.15% p.a. (-0.15)
10-11months	$5,000-$1,999,999	End of term	3.25% p.a. (-0.15)
11-12 months	$5,000-$1,999,999	End of term	3.30% p.a. (-0.10)

NAB has lowered its 7-month term deposit rate by 20 basis points, reducing its top rate to 3.80% p.a.

NAB and its big four peers, CommBank, Westpac, and ANZ, expect a fresh rate cut to arrive in August.

Westpac joins the rate-cut club

Term length	Deposit size	Payment frequency	New rate (change)
10-11 months	$5,000-$2,000,000	End of term	3.20% p.a. (-0.15)
11-12 months	$5,000-$2,000,000	End of term	3.25% p.a. (-0.15)
12-24 months	$5,000-$2,000,000	Annually	3.55% p.a. (-0.20)
24-36 months	$5,000-$2,000,000	Annually	3.35% p.a. (-0.15)

Westpac slashed its term deposit rates by up to 20 basis points, bringing its top rate down to 3.55% p.a. for 12–24 month terms.

Other movers

The Mutual Bank slashes rates on its term deposit and Farm Management Deposit by 15 basis points.
Bank of Sydney continues to lower its rates with a cut of up to 20 basis points to personal and business term deposit rates.
Up to 25 basis points have been shaved off BCU Bank’s standard, regular income, and 55 Plus Investment terms, offering a new peak rate of 4.30% p.a. on its five-month term.
Summerland Bank has trimmed rates on its fixed term deposit by as much as 10 basis points.
Community First Bank made rate changes of up to 15 basis points on its term deposits, with its best rate now at 4.30%.
MOVE Bank made slight changes to its fixed term deposits, varying rates by up to 15 basis points.
Under the Bank Australia Limited banner, Qudos Bank has cut its term deposit rate by a modest 10 basis points.
Bank of Melbourne, BankSA, and St.George Bank have each trimmed their term deposit rates by up to 20 basis points.

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Provider	Interest rate	Interest frequency	Term	Automatic Rollover	Maturity Alert	Early Withdrawal Available	Minimum Deposit	Joint Application	Online Application	as ofJuly 18, 2025

	4.30^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000	$product[$field["value"]]	$product[$field["value"]]	More details
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FEATUREDManage your term deposit online Term Deposit - 6 months $0 monthly account fee Choose your own term with options from one month to five years. Guaranteed rate of return More details Disclosure
	4.40^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	25000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 6 months
Term Deposit - 6 months More details
	4.35^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000	$product[$field["value"]]	$product[$field["value"]]	More details
	Personal Term Deposits - 6 months Competitive interest rates on all term lengths Deposits covered up to $250,000 under Government's Finance Claims Scheme Loyalty bonus at renewal
Personal Term Deposits - 6 months Competitive interest rates on all term lengths Deposits covered up to $250,000 under Government's Finance Claims Scheme Loyalty bonus at renewal More details
	4.30^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 6 months
Term Deposit - 6 months More details
	4.30^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	25000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit ($25,000+) - 6 months
Term Deposit ($25,000+) - 6 months More details

Term Deposit - 4 months

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Bea Garcia

Bea is a journalist with a focus on finance and lifestyle. Currently writing for the InfoChoice Group, she brings her experience working with established media organisations in helping Australians make smarter, more confident financial decisions through accessible content. She previously worked as a content specialist, focusing on workplace culture and business resilience.

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Westpac, NAB slash term deposit rates while others stay put

NAB lowers term deposit rates

Westpac joins the rate-cut club

Other movers

Term Deposit - 6 months

Term Deposit - 6 months

Term Deposit - 6 months

Term Deposit - 6 months

Personal Term Deposits - 6 months

Personal Term Deposits - 6 months

Term Deposit - 6 months

Term Deposit - 6 months

Term Deposit ($25,000+) - 6 months

Term Deposit ($25,000+) - 6 months

Bea Garcia