Last week saw both NAB and ANZ make some movements, but largely speaking, if you want better rates, it's worthwhile taking a look at some smaller players.

Regardless of bank, they're all covered under the APRA $250,000 guarantee.

The latest quarterly banking data demonstrates Aussies' love for the TD, with term deposit holdings collectively reaching $1.132 trillion in the March 2024 quarter.

This is actually the third-highest since records began 20 years ago, behind December 2023 at $1.153 trillion, and September 2023 at $1.133 trillion. 

So who's dishing up the juiciest rates this week? The week to 14 June proved interesting if in the market to lock away some funds.

G&C Mutual new out-and-out market leader

On Friday morning G&C Mutual became the new market leader across all terms, for its 12-month rate of 5.40% p.a. representing a 35 basis point increase.

G&C's nine-month rate was also increased by 30 basis points to 5.30% p.a.

This is for deposits of $1,000-plus, and interest is paid at maturity; slight decreases in the rate apply should a saver opt for more frequent interest payments.

An important caveat, too, is that a $6 monthly fee applies unless the balance is $5,000 or greater.

G&C now usurps Heartland Bank - nee Challenger Bank - and its 5.35% p.a. rate; it's also 5-10 basis points clear of other barnstormers such as Judo, Bank of Sydney, and Great Southern Bank.

Move Bank knocks on the market leaders' doors

Brisbane-based Railways Credit Union, otherwise known as Move Bank, came into the market leaders discussion this week.

On Tuesday it hiked its 12-month term by 40 basis points to now sit at 5.30% p.a.

This is for deposits between $5,000 and $2 million, and is just 5bps shy of second-placed Heartland Bank, and now 10bps shy of new market leader G&C Mutual.

Move's 12-month product is on its own in third-place, unless you count Great Southern Bank's rate exclusively for over-55s.

Move's other rates between 3 and 13 months were increased by 10 to 40bps, and a large bulk of its shorter-term portfolio now sits above the 5.00% p.a. threshold.

Suncorp pokes its head through the 5% barrier

Suncorp, while not in the market leaders discussion, still offers competitive rates if you know where to look. 

On Thursday it juiced the squeeze by as much as 140bps.

The 9-month rate though was increased by 70bps to now sit at 5.05% p.a. with interest paid at maturity.

There are slight step-downs in the rate if one opts for more frequent interest payments. 

A whole host of other short-term products between 3 and 9 months were also tinkered with.

This is for deposits between $5,000 and $2 million.

Other movers

  • Gateway Bank increased the 3-month rate by 10bps
  • The Mutual Bank increased a host of rates by up to 105bps
  • Heritage Bank increased the 6-month rate by 5bps
  • Australian Unity increased some rates by up to 15bps
  • Greater Bank & Newcastle Permanent increased 6-month rates by 15bps
  • Bank of Sydney decreased some rates by 5bps
  • Community First decreased its 8-month special offer by 5bps

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            Rates correct as of July 15, 2024.View disclaimer

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