This week a number of customer-owned banks such as Bank Australia, Qudos Bank, Credit Union SA and G&C Mutual all boosted term deposit interest rates to now have one-year terms at or above 4.00% p.a.
According to InfoChoice's research, there are now close to 20 banks with one-year rates at or above 4.00% p.a.
However, one of Australia's largest banks in Macquarie cut interest rates on some term deposits.
In what used to be one of the most competitive one-year rates in the market, Macquarie cut this product by 20 basis points to 3.90% p.a.
Other terms from nine months to five years were cut by between 15 and 20 basis points.
Interest is paid at maturity and the minimum deposit is $5,000.
Bank Australia boosted its one-year rate by 25 basis points to 4.00% p.a.
Interest is paid at maturity and the minimum deposit is a comparatively low $500.
Other terms between three months and three years also increased rates by 25 basis points.
Qudos Bank increased its one-year term deposit rate by 20 basis points to 4.10% p.a.
This has a minimum deposit of $5,000 and interest is paid at the end of term.
Other terms' rates between five months and three years increased by between 20 and 30 basis points.
Credit Union SA
Credit Union SA increased its one-year rate by 20 basis points to 4.05% p.a.
The minimum deposit is $5,000 with interest payable at maturity.
Its four month rate was also boosted by 20 basis points, and its nine month rate by 135 basis points.
Queensland's largest motoring club boosted its one-year rate by 60 basis points to 4.00% p.a.
Interest is payable at maturity and the minimum deposit is $1,000.
Other terms between one month and five years also saw rate increases between 15 and 55 basis points.
G&C Mutual increased its one-year rate by 60 basis points to 4.15% p.a.
Interest is payable monthly, making it distinct in the market of the most competitive rates.
For interest payable at the end of term, the rate is boosted to 4.20% p.a.
The minimum deposit is $1,000.
Other terms to get the rate treatment include periods between three months and five years, by up to 125 basis points.
While not a customer-owned institution, Firstmac increased its one-year term deposit rate by 40 basis points to 4.15% p.a.
The minimum deposit is $5,000 and interest is payable at the end of term.
Other terms' rates between 30 days and two years were increased by between 25 and 55 basis points.
One-Year Term Deposit Market Leaders - 18 November
|Institution||% Rate Per Annum||Minimum Deposit|
AMP, Bankwest, BCU, ME Bank, P&N Bank, Qudos Bank, and RaboBank all have rates of 4.10% p.a. with varying minimum deposit requirements.
ANZ, Bank Australia, Greater Bank, Heritage Bank, MyState, RACQ, Suncorp, and Citi all have 4.00% rates with varying minimum deposit requirements.
With its decrease of 20 basis points, this means Macquarie sits outside the top-10.
In the interests of full disclosure, InfoChoice is an associate of Firstmac.