ANZ, Suncorp slash term deposit rates

Here are the changes this week, ending 22 September 2023:

ANZ

ANZ reduced some of its rates under the Advance Notice Term Deposit product. The cuts went as high as 60bps. Here are some of the changes:

ANZ rate changes – 22 September

Term	Change	Rate
4 months	-60bps	3.60% p.a.
12 months	-5bps	4.80% p.a.
24 months	-5bps	4.00% p.a.

These TD products have a minimum deposit of $5,000 and require 31 days' notice to withdraw funds.

MOVE Bank

Move Bank rolled out several changes in its Fixed Term Deposit product, including an 30bps increase and a 15bps cut. Here are the major changes:

MOVE Bank TD rate changes – 22 September

Term	Change	Rate
5 months	+30bps	4.75% p.a.
7 months	-10bps	4.90% p.a.
8 months	+10bps	4.90% p.a.
9 months	-15bps	4.95% p.a.

The products above have end-of-term payments and a minimum deposit of $5,000.

Horizon Bank

Horizon Bank made increases of up to 30bps, with its 12-month rate now back at 5% p.a. Below are Horizon’s Bank’s latest rate changes:

Horizon Bank TD rate changes – 22 September July

Term	Change	Rate
3 months	+30bps	4.00% p.a.
7 months	+30bps	4.50% p.a.
12 months	+15bps	5.00% p.a.
12 months (monthly payments)	+15bps	4.90% p.a.

To qualify for the products above, a minimum deposit of $1,000 is required. All TDs above have an end-of-term payments unless otherwise stated.

Credit Union SA

Credit Union SA increased its five-month and six-month TD rate but reduced its nine-month rate. Check out the changes:

Credit Union SA rate changes – 22 September

Term	Change	Rate
5 months	+50bps	4.50% p.a.
6 months	+90bps	4.90% p.a.
9 months	-10bps	4.90% p.a.

These TD products have a minimum deposit of $5,000.

Suncorp Bank

Suncorp bank slashed its short-term TD rates by 5bps. Here are the changes:

Suncorp Bank TD rate changes – 22 September

Term	Change	Rate
7 months	-5bps	4.80% p.a.
9 months	-5bps	4.40% p.a.
1 year	-5bps	4.80% p.a.

The rates mentioned above are for TDs with minimum deposit of $5,000 and end-of-term payments. The 5bps cut applies across deposit accounts and repayment terms.

Bank of Sydney

Bank of Sydney made a few increases this week. Its 12-month TD rate is now over 5.00% p.a.

Bank of Sydney TD rate changes – 22 September

Term	Change	Rate
6 months	+50bps	5.00% p.a.
12 months	+15bps	5.15% p.a.

These two rates have a minimum deposit of $1,000 and end-of-term payments.

Hume Bank

Hume Bank increased the rates of its longer-term TD products.

Hume Bank rate changes – 22 September

Term	Change	Rate
2 years (annual payments)	+15bps	4.05% p.a.
2 years (monthly payments)	+15bps	3.95% p.a.
3 years (annual payments)	+25bps	4.00% p.a.
3 years (monthly payments)	+25bps	3.90% p.a.

These TD products have a minimum deposit of $5,000.

Great Southern Bank

Great Southern Bank increased its two-year TD rate but made decreases in its shorter-term rates. Below are the changes.

Great Southern Bank TD rate changes – 22 September

Term	Change	Rate
6 months	-5bps	4.80% p.a.
1 year	-10bps	4.95% p.a.
2 years	+25bps	4.70% p.a.

For the TD products above, the minimum deposit is $5,000. They have end-of-term payments.

Photo by twinsterphoto on Canva.

ANZ slashes term deposit rates — find out other rate movers this week, 22 September

ANZ