Over the week, several other term deposit providers adjusted their rates, with Bank of Sydney and Judo Bank making some cuts.
Here are the latest movers in the TD space over the week ending 28 July 2023.
NAB
NAB rolled out increases in its regular TD rates, with the 8-month term receiving the biggest boost at 25bps.
NAB’s one-year TD rate has yet to breach the 5% ceiling despite the 10bps increase.
Here are the most significant changes in NAB’s TD rates:
NAB Term Deposit Rate Changes – 28 July
|
Term |
Change |
Rate |
|
6 months |
+20bps |
4.00% p.a. |
|
8 months |
+25bps |
4.25% p.a. |
|
1 year (Annual) |
+10bps |
4.85% p.a. |
|
1 year (Semi-annual) |
+10bps |
4.80% p.a. |
|
1 year (Quarterly) |
+10bps |
4.75% p.a. |
The changes apply to NAB TDs requiring a minimum deposit of $5,000.
CommBank
CommBank increased its special offer rates for 7- and 12-month TDs.
However, it also rolled out 5bps declines in some of its regular TD rates with semi-annual and monthly payments.
Here are some of the changes in CommBank’s TD rates:
CommBank Term Deposit Rate Changes – 28 July
|
Term |
Change |
Rate |
|
Special - 7 months (annual) |
+20bps |
4.20% p.a. |
|
Special - 12 months (annual) |
+10bps |
4.85% p.a. |
|
9 months (semi-annual) |
-5bps |
3.90% p.a. |
|
11 months (semi-annual) |
-5bps |
4.00% p.a. |
|
6 months (monthly) |
-5bps |
3.65% p.a. |
|
8 months (monthly) |
-5bps |
3.75% p.a. |
For these special offer TDs, the minimum deposit is $5,000.
Westpac
Westpac rolled out another set of changes in its TD rates, this time introducing up to 50bps hikes.
In the previous week, Westpac reduced its six-month rate by 65bps, which applies across its subsidiaries.
Here are the major changes to Westpac TD rates:
Westpac Term Deposit Rate Changes – 28 July
|
Term |
Change |
Rate |
|
3 months |
+50bps |
3.50% p.a. |
|
6 months |
+45bps |
3.75% p.a. |
|
9 months |
+45bps |
4.00% p.a. |
|
12 months |
+30bps |
4.25% p.a. |
The rates above are for TDs with minimum deposit of $5,000 and end-of-term monthly payments.
The rates of TDs with different payment frequencies were also increased by up to 45bps.
St. George Bank
Westpac subsidiary St. George Bank also increased its TD rates by up to 50bps.
The changes apply to its TDs with a minimum deposit of 1,000.
Below are the major changes to St. George Bank’s TD rates:
St. George Bank Term Deposit Rate Changes – 28 July
|
Term |
Change |
Rate |
|
3 months |
+50bps |
3.55% p.a. |
|
6 months |
+45bps |
3.80% p.a. |
|
9 months |
+45bps |
4.05% p.a. |
|
12 months |
+30bps |
4.30% p.a. |
These rates apply to TDs with end-of-term payments.
Bank of Sydney
Bank of Sydney rolled out rate cuts of up to 100bps across its regular and business TDs.
With the cut, Bank of Sydney’s one-year TD rate is now below 5%.
Here are this week’s biggest changes to Bank of Sydney’s TD rates:
Bank of Sydney Term Deposit Rate Changes – 28 July
|
Term |
Change |
Rate |
|
6 months (Regular and Business) |
-10bps |
5.35% p.a. |
|
8 months (Regular and Business) |
-80bps |
4.00% p.a. |
|
9 months (Regular and Business) |
-85bps |
4.00% p.a. |
|
12 months (Regular and Business) |
-100bps |
4.00% p.a. |
The following TDs have a minimum deposit requirement of $1,000.
Judo Bank
Judo Bank made 10bps reduction across its personal, business, and SMSF TDs. Here are the changes:
Judo Bank Term Deposit Rate Changes – 28 July
|
Term |
Change |
Rate |
|
3 months (End of term) |
-10bps |
5.00% p.a. |
|
6 months (End of term) |
-10bps |
5.30% p.a. |
|
9 months (End of term) |
-10bps |
5.20% p.a. |
|
1 year (End of term) |
-10bps |
5.35% p.a. |
The changes apply to across Judo Bank’s TD products with minimum payments of $1,000.
Credit Union SA
Credit Union SA made the biggest increase in TD rates this week, rolling out increases of up to 370bps.
Credit Union SA Term Deposit Rate Changes – 28 July
|
Term |
Change |
Rate |
|
3 months |
+90bps |
4.00% p.a. |
|
7 months |
+350bps |
4.00% p.a. |
|
8 months |
+190bps |
4.00% p.a. |
|
10 months |
+370bps |
4.00% p.a. |
|
1 year |
+105bps |
5.15% p.a. |
|
2 years |
+150bps |
4.00% p.a. |
These rates are for TDs with minimum deposit of $5,000 and end-of-term payments.
Latest term deposit rate movers – 28 July
|
Lender – TD Product |
Change |
Rate |
|
Firstmac – 180 Days TD |
-10bps |
5.25% p.a. |
|
Macquarie – 3 months TD |
+5bps |
4.75% p.a. |
