More big banks alter term deposit rates

There's still a few weeks until November's RBA meeting, which many economists are saying will be the most live monetary policy decision for several months.

In the meantime, term deposit providers continue to balance between offering competitive rates to grow market share while ensuring not to be locked into paying high rates that could jeopardize the all important margin between loans and deposits.

These banks and lenders altered rates this week.

NAB

The biggest bank to alter term deposit rates this week was NAB, with alterations of up to 30 basis points in both directions.

The below rates are all for interest payments made in one lump sum once the term concludes.

Customers can deposit anything from $5,000 to $2,000,000, and can choose to have interest payments made annually, semi annually, quarterly or monthly.

Suncorp

Suncorp was another major bank to move rates this week, cutting back returns by up to 10 basis points.

Suncorp has a wide range of term deposit products available: customers can deposit anything from $5,000 to $2,000,000, with higher rates for larger deposits, as well as customise how regularly interest payments are made.

This is a snapshot of the decreases on some of the most prominent products with rates for deposits between $5,000 and $99,999.99.

For larger deposits up to $1,000,000, an extra 5 basis points can be added to the rate, with a further 5 available for customers who deposit between $1,000,000 and $2,000,000.

Macquarie

Like Suncorp, Macquarie made small cuts this week, again only up to 10 basis points.

All these products have interest payments at the end of term, and are available for deposits between $5,000-$1,000,000.

Judo

Judo cut back some rates slightly this week, falling behind the market leaders for one and two year term deposits.

However, for terms of three to five years, Judo's new rate of 5.20% p.a is now the highest available in Australia.

The below rates are for interest payments at end of term.

Firstmac

Firstmac only moved one rate this week, on its six month term deposit.

A 10 basis point increase means Firstmac is just 10 bps away from cracking the 5% p.a mark once again.

MOVE

Another to increase term deposit rates this week was MOVE, which upped rates on three and nine month terms.

These products are available for deposits $5,000 to $200,000, and have interest payments at end of term.

Other movers

• People's Choice cut rates by 10 basis points
• UniBank varied rates by up to 335 basis points
• Teacher's Mutual Bank varied rates up to 335 basis points
• Heritage Bank cut rates by 10 basis points
• The Mutual varied rates by up to 50 basis points

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Read more: Term Deposit News

Harry O'Sullivan

Finance Journalist

Harry joined InfoChoice Group in November 2022. With a degree in economics from the University of Queensland, Harry is interested in topics such as inflation and GDP, and is passionate about keeping Australians informed on the external factors that impact their personal finances.