This week, particularly on Friday, several banks made good on their promises to increase term deposit rates following the RBA's cash rate decision last week.
While a flurry of banks increased their rates, arguably the most noteworthy were large incumbents such as Bank of Queensland and Citi, which brought one-year term deposit rates in-line with market leaders.
The following rates are for interest paid at maturity, unless otherwise stated.
Bank of Queensland increases by 0.35%
BoQ increased its one-year rate by 35 basis points to 4.00% p.a.
The minimum deposit is $5,000.
The challenger bank also increased other terms' rates up to two years by up to 90 basis points.
Citi increases by 0.30%
NAB-owned Citi increased the one-year rate by 30 basis points to 4.00% p.a. with a minimum deposit of $10,000.
It increased a wide range of terms by up to 0.75% or 75 basis points.
ME Bank increases by 0.20%
BoQ-owned ME Bank increased its one-year rate by 20 basis points to 4.10% p.a.
The minimum deposit is $5,000.
Other terms' rates were increased by up to two percentage points (2.00%).
People's Choice increases by 0.10%
The Adelaide-based credit union increased its one-year rate by 10 basis points to 4.10% p.a.
The minimum deposit is $5,000 and other terms were increased by up to 105 basis points (1.05%).
Heritage Bank increases by 0.60%
Toowoomba-based Heritage Bank increased its one-year rate by up to 60 basis points. to 4.00% p.a.
The minimum deposit is $1,000.
Other terms' rates were increased by up to 75 basis points.
Bank of Us increases by 0.40%
Tasmanian-based Bank of Us increased its one-year rate by up to 40 basis points bringing it to 4.00% p.a.
However the minimum deposit on that rate is $100,000 - there are lower interest rates available for smaller deposits.
MyState increases by 0.40%
Another Tasmanian-based bank, MyState, increased by 40 basis points to 4.00% p.a.
The one-year rate has a minimum deposit of $5,000.
Australian Military Bank increases by 0.60%
Australian Military Bank - of which anyone can join - increased its one-year rate by 60 basis points to 4.00% p.a.
The minimum deposit is $1,000.
One-Year Term Deposit Leaders - 11 November
| Bank | % Rate Per Annum | Min Deposit |
| Judo | 4.20 | $1,000 |
| Gateway Bank | 4.20 | $1,000 |
| AMP | 4.10 | $25,000 |
| Bankwest | 4.10 | $1,000 |
| ME Bank | 4.10 | $5,000 |
| RaboBank | 4.10 | $1,000 |
| Macquarie | 4.10 | $5,000 |
| People's Choice | 4.10 | $5,000 |
Five-year term deposit rates flirt with 5.00% p.a.
For those looking to lock-in for a longer term, five-year rates are edging ever-closer to the 5.00% p.a. milestone.
For example, Judo Bank has a 4.95% p.a. rate with a $1,000 minimum deposit.
AMP now also has a rate of 4.95% p.a. albeit with a minimum deposit of $25,000.
