It was a subdued week in the lead-up to the Reserve Bank's cash rate decision next week - the first for 2023.

It's likely to be another rise, and rate rises mean good news for deposit rates, with the following banks having increased in the past week.

Particular mention will be made for 12-month products with interest paid at maturity.


ANZ increased its 12-month rate by 10 basis points to 4.10% p.a.

With interest paid at maturity, the minimum deposit is $5,000.

There are slight interest rate reductions should savers opt for monthly, quarterly, or semi-annual interest payments.

This is 10 basis points higher than equivalent products from the other majors in CBA, NAB, and Westpac.

ANZ also increased a host of other terms by up to 60 basis points.

The big bank posted a 4.31% growth in the value of household deposits on its books in 2022, aided in-part by its competitive ANZ Plus savings account.

Bendigo Bank

Australia's seventh-biggest bank in terms of assets increased term deposit rates by up to 85 basis points on Wednesday.

However its 12-month rate still lags behind competitors, with an interest rate of 3.75% p.a. - a 40 basis point increase.

The minimum deposit is $5,000, and interest is paid at maturity.

There are slight reductions in the interest rate if savers opt for monthly, quarterly, or semi-annual interest payments.

Bendigo Bank also increased a host of other term rates between four months and five years.

Other banks and credit unions to have increased rates this week include Macquarie Bank and Northern Inland Credit Union.

Top 12-Month Term Deposit Rates This Week, 2 February

Bank % Rate Per Annum Minimum Deposit
G&C Mutual 4.50 $1,000
Goldfields Money 4.40 $5,000
Gateway Bank 4.35 $1,000
Credit Union SA 4.30 $5,000
Illawarra Credit Union 4.30 $100,000
Source: InfoChoice Database, 2 February 2023. Interest paid at maturity.