CommBank, Macquarie Bank, and once-market leader Judo Bank were among those making term deposit moves. 

Interestingly, those moves were relatively mixed, with plenty of hikes and cuts on display. 

That was despite no significant shift in sentiment over the Reserve Bank of Australia’s (RBA) next move. 

The latest unemployment read was positive, suggesting the labour force is tracking in line with the central bank’s expectations, many experts are still open to the possibility of a February cash rate hike.

Judo Bank shakes up term deposit rates, again 

Another week, another feature by once-market-leader Judo Bank.

The neobank has made its way onto this list every week since 24 November, having hiked to match, then overtake, ING and Bank of Sydney’s top term deposit interest rate (5.30% p.a. on a 12-month deposit), before slashing rates once more last week.

This week, however, Judo Bank left its 12-month term deposit product untouched. 

Instead, it hiked rates on its sub-12-month products and its two-year-plus deposits. Changes for deposits with interest paid at end of term include: 

Term length

Interest rate change

New rate (p.a)

Three months

+10 basis points

5.00%

Six months

+10 basis points

5.15%

Two years

-10 basis points

5.15%

Three years

-15 basis points

5.10% 

Four years

-15 basis points

5.10% 

Five years

-15 basis points

5.10% 

CommBank cuts term deposit interest rates up to 30 basis points 

The nation’s biggest bank also joined in on the cutting action, slashing its special offer on two-year deposits by 30 basis points to 4.80% p.a., paid annually. 

The special offer rate on a CommBank one-year term deposit was also cut by 5 basis points to 5.00% p.a. 

The special rates are available for a limited time for personal or self managed super fund (SMSF) customers.

The biggest of the big four also cut the everyday rates on its 13-month to 23-month, and 36-month to 47-month term deposits by 5 basis points. 

Those depositing $5,000 to $49,999 and receiving interest annually can now realise rates of 4.20% p.a. and 3.95% p.a. on those respective term lengths. 

Macquarie Bank slashes rates by up to 40 basis points 

CommBank wasn’t the only major bank shaking things up for depositors. 

The nation’s fifth largest bank by market capitalisation, Macquarie Bank, slashed the returns offered on many of its term deposit products.

Changes to its products paying interest annually, or end of term for those under 12-months, include:

Term length

Interest rate change

New rate (p.a)

Six months

-10 basis points

4.85%

Nine months

-10 basis points

4.85%

One year

-10 basis points

4.95%

Two years

-30 basis points

4.70%

Three years

-40 basis points

4.60%

Four years

-40 basis points

4.60%

Five years

-35 basis points

4.65%

The Mac increases term deposit rates by up to 100 basis points

The Mac – the Macarthur credit union – hiked its term deposit interest rates to sit above those offered by many well-known banks. 

Customers depositing between $5,000 and $500,000 for a one-year term can now realise a 5.00% p.a. return from the mutual bank. Not to mention, they can realise that return whether they receive interest monthly, quarterly, semi-annually, or annually. 

The Mac also hiked the interest rate on its six- and nine-month term deposits by 50 basis points to 4.00%, with interest paid at end of term.

Other movers 

  • Australian Military Bank hikes term deposit rates by 25 basis points
  • Summerland Bank increases term deposit rates by 40 basis points
  • BCU Bank hikes term deposit rates by up to 55 basis points
  • Rabobank varies term deposits by up to 25 basis points
  • Firstmac increases term deposits by up to 10 basis points 

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