In the past week, Macquarie and AMP lifted one-year term deposits to offer the highest interest rates in the market.
Macquarie lifted its rate by 20 basis points to 4.10% p.a. with a minimum deposit of $5,000 and interest payable at the end of term.
In similar fashion, AMP also lifted by 20 basis points to 4.10% p.a. with interest payable at end of term, albeit with a $25,000 minimum deposit.
These two follow Judo Bank, which moved to the 4.10% p.a. milestone last week.
Other prominent banks to increase one-year term deposit rates in the past week include Bank of Queensland, ME Bank, Beyond Bank, and the Westpac group including Bank of Melbourne, BankSA, St. George, and Westpac itself.
For reference, Westpac moved its one-year term deposit rate to 3.35% p.a. with a minimum deposit of $5,000 and interest payable at end of term.
Movements since May RBA cash rate hike
These three leading banks have been most active in the one-year space, constantly moving up their rates week-in, week-out since the Reserve Bank made its first cash rate hike of 25bps in May.
|Bank||Movement Since Early May|
Top One-Year Term Deposit Rates - 28 October 2022
|Bank||% Rate Per Annum||Minimum Deposit|
Growth in Household Deposit Sizes Since RBA May Movement
|Bank||$ Growth||% Growth|