We're getting further from the halcyon days just a couple months ago when Bank of Sydney once had a 6-month TD rate of 5.50% p.a.
These cuts occurred in the week when the Reserve Bank of Australia decided to extend the cash-rate pause for the third consecutive month.
Here are the latest TD rate movements over the week ending 8 September:
AMP Bank
AMP Bank made some of the biggest cuts in TD rates this week, rolling out up to 55bps reduction. Check out the biggest changes below:
AMP Bank TD rate changes – 8 September
|
Term |
Change |
Rate |
|
12 and 11 months |
-55bps |
4.45% p.a. |
|
10, 9, and 8 months |
-45bps |
4.45% p.a. |
|
7 months |
-25bps |
4.65% p.a. |
|
6 months |
-30bps |
4.65% p.a. |
|
3 months |
-35bps |
4.35% p.a. |
These TD products have an end-of-term payments and a minimum deposit of $5,000.
ING
ING initiated a series of rate cuts for its term deposit products. These are the most significant changes:
ING TD rate changes – 8 September
|
Term |
Change |
Rate |
|
1 year |
-20bps |
5.05% p.a. |
|
2 years |
-15bps |
4.95% p.a. |
|
330 and 270 days |
-20bps |
4.95% p.a. |
|
210 and 180 days |
-15bps |
4.95% p.a. |
|
120 days and 90 days |
-25bps |
4.70% p.a. |
These TD products have an end-of-term payments and a minimum deposit of $5,000.
Heritage Bank
Heritage Bank rolled out 25bps rate increases for terms of up to 11 months while reducing its one-year rates by 15bps. Here are the most significant changes:
Heritage Bank TD rate changes – 8 September
|
Term |
Change |
Rate |
|
1 year |
-15bps |
5.00% p.a. |
|
11 and 10 months |
+25bps |
3.80% p.a. |
|
9 months |
+25bps |
3.90% p.a. |
|
8 and 7 months |
+25bps |
3.75% p.a. |
|
5 and 4 months |
+25bps |
3.60% p.a. |
These TD products have an end-of-term payments and a minimum deposit of $1,000.
People’s Choice
People’s Choice also reduced its one-year rates while boosting its shorter-term ones by 25bps. Check out the changes below:
People’s Choice TD rate changes – 8 September
|
Term |
Change |
Rate |
|
1 year (annual payments) |
-15bps |
5.00% p.a. |
|
1 year (monthly payments) |
-14bps |
4.89% p.a. |
|
11, 10, and 9 months |
+25bps |
3.90% p.a. |
|
8 and 7 months |
+25bps |
3.75% p.a. |
|
5 and 4 months |
+25bps |
3.60% p.a. |
All other TD products above have an end-of-term payments and a minimum deposit of $5,000.
Judo Bank
Judo Bank slashed its rates for Business, Personal, and SMSF TDs, particularly those with longer terms. These are the most significant changes:
Judo Bank TD rate changes – 8 September
|
Term |
Change |
Rate |
|
1 year |
-10bps |
5.00% p.a. |
|
2, 3, 4, and 5 years |
-10bps |
5.10% p.a. |
|
3 months |
-5bps |
4.70% p.a. |
These rates and terms apply across Judo Bank’s TD products. They have end-of-term payments and a minimum deposit of $1,000.
Macquarie Bank
Macquarie Bank also reduced its one-year TD rate over the past week.
Macquarie Bank TD rate changes – 8 September
|
Term |
Change |
Rate |
|
1 year |
-10bps |
4.80% p.a. |
|
6 months |
+5bps |
4.70% p.a. |
The minimum deposit for these TD products is $5,000.
Transport Mutual Credit Union
Transport Mutual Credit Union also cut its half-year and one-year TD rates
Transport Mutual Credit Union TD rate changes – 8 September
|
Term |
Change |
Rate |
|
12 months |
-25bps |
5.00% p.a. |
|
6 months |
-25bps |
4.75% p.a. |
These TD products have an end-of-term payments and a minimum deposit of $1,000.
Firstmac
Firstmac decreased its rates for 12-month and 24-month terms.
Firstmac TD rate changes – 8 September
|
Term |
Change |
Rate |
|
12 months |
-35bps |
4.60% p.a. |
|
24 months |
-75bps |
4.00% p.a. |
The minimum deposit for these TD products is $5,000.
Regional Australia Bank
Regional Australia Bank focused on its 12-month TD rates, rolling out 10bps cut.
Regional Australia Bank TD rate changes – 8 September
|
Term |
Change |
Rate |
|
12 months (annual payments) |
-10bps |
5.00% p.a. |
|
12 months (semi-annual, quarterly, monthly, and fortnightly payments) |
-10bps |
4.85% p.a. |
For these TDs, the minimum deposit is $1,000.
Great Southern Bank
Great Southern Bank implemented cut to its shorter-term TD rates. Here are the changes:
Great Southern Bank TD rate changes – 8 September
|
Term |
Change |
Rate |
|
3 months |
-15bps |
4.50% p.a. |
|
6 months |
-10bps |
4.85% p.a. |
|
9 months |
-10bps |
4.90% p.a. |
The TD products above have of end-of-term payments and a minimum deposit requirement of $5,000.
Bank Australia
Bank of Australia went the opposite direction and increased its 12-month TD rate by 10bps. However, the bank cut its rates for the higher term by 20bps. Here are the changes:
Bank Australia TD rate changes – 8 September
|
Term |
Change |
Rate |
|
12 months (end-of-term payments) |
+10bps |
5.25% p.a. |
|
12 months (monthly payments) |
+10bps |
5.15% p.a. |
|
18 months (monthly payments) |
-20bps |
4.85% p.a. |
The TD products above have a minimum deposit of $500.
G&C Mutual Bank
G&C Mutual Bank also increased its one-year rate, along with shorter-term TDs. Here are the most substantial changes:
G&C Mutual Bank TD rate changes – 8 September
|
Term |
Change |
Rate |
|
1 year |
+45bps |
5.20% p.a. |
|
2 years |
+25bps |
5.25% p.a. |
|
9 and 6 months |
+45bps |
4.95% p.a. |
|
3 months |
+50bps |
4.70% p.a. |
All products mentioned above have a minimum deposit requirement of $1,000.
Photo by pinstock on Canva.
