NAB and ANZ increase term deposit rates as others cut

These TD providers made changes following the Reserve Bank of Australia’s decision to hold the cash rate at 4.10%.

AMP Bank

AMP Bank reduced its TD rates by up to 20bps. The biggest cuts were for TDs with eight, nine, and 10-month terms.

AMP Bank TD rate changes – 4 August

Term	Change	Rate
8,9,10 months (min. deposit of $5,000)	-20bps	5.20% p.a.
12 months (min. deposit of $5,000)	-5bps	5.35% p.a.
8,9,10 months (min. deposit of $25,000)	-20bps	5.25% p.a.
12 months (min. deposit of $25,000)	-5bps	5.40% p.a.

All TD products above have end-of-term payments.

Macquarie Bank

Macquarie Bank made some changes in its TD rates this week — while it increased its 3-month TD rate, it reduced its 6-, 9-, and 12-month rates.

Macquarie Bank TD rate changes – 4 August

Term	Change	Rate
3 months	+5bps	4.80% p.a.
6 months	-10bps	4.70% p.a.
9 months	-10bps	4.80% p.a.
1 year	-10bps	4.85% p.a.

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

ING Bank

ING Bank hiked its rates for short-term TDs. It also increased its 1- and 2-year TDs.

ING Bank TD rate changes – 4 August

Term	Change	Rate
90 days, 120 days	+20bps	4.95% p.a.
180 days, 210 days	+15bps	5.10% p.a.
270 days, 330 days	+20bps	5.15% p.a.
1 year	+25bps	5.25% p.a.
2 years	+20bps	5.10%. p.a.

All TD products above have end-of-term payments and a minimum deposit of $10,000.

Judo Bank

After slashing rates last week, Judo Bank rolled out another set of cuts across its Personal, Business, and SMSF TDs.

Judo Bank TD rate changes – 4 August

Term	Change	Rate
3 months	-15bps	4.85% p.a.
6 months	-15bps	5.15% p.a.
9 months	-5bps	5.15% p.a.
1 year	-10bps	5.25% p.a.

The rates above apply to Personal, Business, and SMSF TDs with end-of-term payments and a minimum deposit of $1,000.

MOVE Bank

MOVE Bank made increases of up to 35bps in its Fixed Term Deposits. The changes, however, only applies to terms of up to 11 months.

MOVE Bank TD rate changes – 4 August

Term	Change	Rate
3 months	+35bps	4.60% p.a.
6 months	+30bps	4.85% p.a.
9 months	+20bps	5.10% p.a.
11 months	+30bps	4.90% p.a.

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

Bank of Sydney

Bank of Sydney made the most substantial change in TD rates this week, rolling out cuts up to 110bps. The changes apply to its Regular and Business TDs

Bank of Sydney TD rate changes – 4 August

Term	Change	Rate
1 month	-100bps	1.75% p.a.
2 months	-110bps	1.75% p.a.
3 months	-15bps	5.05% p.a.
5 months	-105bps	4.00% p.a.
6 months	-15bps	5.20% p.a.

All TD products above have end-of-term payments and a minimum deposit of $1,000.

NAB and ANZ move up

Major banks NAB and ANZ elected to move rates up over the past week.

NAB's one-year rate was moved up by 10 basis points to 4.85% p.a. while ANZ did the same.

Both banks have a minimum deposit on these products of $5,000 with interest payable at the end of term.

These major banks are slightly different from challengers in that the most competitive rates seemingly apply to one-year/12-month terms, as opposed to shorter terms.

ANZ 12-month Advance Notice TD rate changes – 4 August

Payment Frequency	Change	Rate
Monthly	+10bps	4.75% p.a.
Quarterly	+9bps	4.76% p.a.
Semi-annual	+10bps	4.79% p.a.
Annual	+10bps	4.85% p.a.

Photo by urbancow on Canva.

Check out these latest TD rate movements, 4 August