Speaking on ABC radio on Friday, NAB CEO Ross McEwan spoke about term deposit rates and if we've reached the peak.

"We're already starting to see the competition in deposits, savings rates, term deposit rates stepping up dramatically. And we are going to have to compete in that market if we want those deposits," Mr McEwan said.

"So, in my mind, within six months it will be competed out. And we'll find it more difficult on the difference between what we borrow at and what we lend at; it's getting squeezed again.

"[It's] a very competitive marketplace. Can I say to people - have a good look around, get yourself a good, competitive rate. I think that's what customers are starting to do, which is good."

This has been seen at the top end of the market, where five-year terms haven't budged much for six months, with the top rates hovering just under 5% p.a.

Most of the movement has been in the shorter-term space, while 12-month rate competition seems to have slowed somewhat.

On Wednesday afternoon CBA and Macquarie increased term deposit rates across a variety of tenures, ahead of the RBA's cash rate decision next Tuesday - again, a lot of the movement was in the sub-12 month space.

CBA increases

CBA increased rates on terms between 3 and 11 months.

For example, the 9 month rate was boosted by up to 95 basis points to 3.70% p.a.

As a special offer, CBA also has a 12-month rate of 4.15% p.a. - an increase of 15 basis points.

The minimum deposit is $5,000 and interest is payable at the end of term.

Macquarie increases

Not to be outdone, Macquarie edged rates slightly higher.

For example the 9 month rate was boosted by 5 basis points to 4.15% p.a.

The minimum deposit is $5,000 and interest is payable at the end of term.

Around the grounds

Particular mention will be given to 12-month rates, with interest payable at end of term.

Bank Movement New % Rate Per Annum Minimum Deposit
BOQ +20bps 4.10 $5,000
ME Bank +20bps 4.30 $5,000
Bank First +25bps 4.25 $500
Teachers Mutual* -25bps 4.00 $1,000
Credit Union SA -20bps 4.10 $5,000
*11-month rate. Source: InfoChoice Database

12-month term deposit leaders, 3 March

Bank % Rate Per Annum Minimum Deposit
Community First* 4.50 $50,000
Judo Bank 4.45 $1,000
Goldfields Money 4.40 $5,000
G&C Mutual 4.35 $1,000
Gateway Bank 4.35 $1,000
*Special offer. Source: InfoChoice Database. Interest payable at end of term.