There was a delay of just over a week, but the latest RBA rate increase has filtered through to new term deposit rates.
Term deposit rates, like fixed-rate home loans, are often a reflection of banks' views on where interest rates are headed.
After a New Year lull, a number of banks have made healthy increases to term deposit rates, particularly in the 12-month space.
It's now fairly common to find a 12-month rate with a rate in the mid-4 per cent range.
Three of the four major banks made moves, with Westpac holding steady. It has a 12-month term deposit rate of 4.25% p.a. for new customers.
It has a minimum deposit of $5,000 - there is a 10 basis point bonus if existing customers open or renew their deposit online.
ANZ makes outsized rate increases
| Term | % Rate Per Annum (Change) | Minimum Deposit |
| 12 months | 4.40 (+30bps) | $5,000 |
Meanwhile, rates for businesses were increased by up to 75 basis points, or three quarters of a per cent.
CBA increases special offer rates
| Term | % Rate Per Annum (Change) | Minimum Deposit |
| 12 months | 4.35 (+15bps) | $5,000 |
There are slight rate reductions if savers opt for monthly or semi-annually (6 monthly) interest payments.
NAB edges up rates
| Term | % Rate Per Annum (Change) | Minimum Deposit |
| 12 months | 4.20 (+20bps) | $5,000 |
Other term rates were increased by up to 110 basis points, in this case the 5-month rate was boosted to 3.25% p.a.
For 12-month terms there are slight reductions in the rate if savers opt for monthly, quarterly or semi-annually payments.
Other noteworthy movers this week
Mention will be given to 12-month rates with interest payable at the end of term.
| Bank | % Rate Per Annum (Change) | Minimum Deposit |
| ME Bank | 4.45 (+10bps) | $5,000 |
| G&C Mutual | 4.50 (+15bps) | $1,000 |
| AMP | 4.50 (+20bps) | $25,000 |
| Bank First | 4.55 (+30bps) | $500 |
| MyState | 4.35 (+45bps) | $5,000 |
| ING | 4.40 (+25bps) | $10,000 |
| Judo | 4.50 (+5bps) | $1,000 |
Judo breaches 5-year 5% barrier
Last Friday, Judo bade a 5 basis point increase to its 5-year term, now 5.00% p.a.
This is the first five-year rate of 5.00% p.a. after months where banks hovered just under this mark.
The minimum deposit is $1,000 and interest is payable at the end of term.
12-month market leaders, 17 March
| Bank | % Rate Per Annum | Minimum Deposit |
| Bank First | 4.55 | $500 |
| AMP | 4.50 | $25,000 |
| G&C Mutual | 4.50 | $1,000 |
| Heritage | 4.50 | $1,000 |
| Judo | 4.50 | $1,000 |
