While other smaller players are catching up, some providers like NAB are taking things slow, making smaller increases in its one-year TD rates.
Here are some of the latest and most significant movements in term deposit rates for the week ending 7 July.
NAB
Early this week, NAB rolled out changes to its TD rates across terms, with the lower monthly terms receiving a boost of up to 50bps. The changes bring NAB’s three- and four-month TD rates at 3.50% p.a. and 3.60% p.a.
Meanwhile, the provider also made some increases in its one-year TD rates across different payment frequencies.
NAB’s major 12-month TD rate changes – 7 July |
||
Term |
Change |
New Rate |
One year (Annual payments) |
+15bps |
4.75% p.a. |
One year (Semi-annual payments) |
+15bps |
4.70% p.a. |
One Year (Quarterly/Monthly payments) |
+15bps |
4.65% p.a. |
Firstmac
Firstmac reasserts its position as a leader in 12-month TDs. After an increase of 10bps last week, it makes another hike to boost its 12-month TD rate to 5.40% p.a. This applies to TD with a minimum deposit of $5,000 and an end-of-term payment.
Greater Bank
Greater Bank made a few changes to its TD rates, but the most significant one was for its two-year TD rates, which are now 100bps higher to 5.00% p.a.
The 5% two-year TD rate, however, was only available for end-of-term payments — TD rates with monthly payments, while also increasing by 100bps, are only at 4.90% p.a.
Judo Bank
Judo Bank kicked off another two rounds of rate increases across its business, personal, and SMSF TDs. Most of its recent changes brought its rates further to the 5% territory.
Judo Bank’s major TD rate changes – 7 July |
||
Term |
Change |
New Rate |
One-year Business TD |
+15bps |
5.45% p.a. |
One-year Personal TD |
+15bps |
5.45% p.a |
One-year SMSF TD |
+15bps |
5.45% p.a. |
AMP Bank
AMP Bank increased the rates across its TD products, with the highest jump at 45bps. Its 12-month TD rates are currently among the industry’s highest at 5.35% p.a. This rate, however, is only for 12-month TD products with a minimum deposit of $25,000.
AMP Bank’s major TD rate changes – 7 July |
||
Term |
Change |
New Rate |
12 months (End-of-term payments) |
+35bps |
5.30% p.a. (Min deposit of $5,000) 5.35% p.a. (Min deposit of $25,000) |
13 months (Annual payments) |
+35bps |
5.30% p.a. |
10 months (End-of-term payments) |
+45bps |
5.20% p.a. |
12 months (Quarterly payments) |
+35bps |
5.25% p.a. |
Great Southern Bank
Great Southern Bank joined the 5% 12-month TD Rate club after its 40bps increase this week. The provider also made several changes to its TD rates across terms lengths.
Great Southern Bank’s major TD rate changes – 7 July |
||
Term |
Change |
New Rate |
One year (End-of-term payments) |
+40bps |
5.00% p.a. (End-of-term payments) 4.90% p.a. (Monthly payments) |
Nine months |
+35bps |
4.90% p.a. (End-of-term payments) 4.80% p.a. (Monthly payments) |
Six months |
+35bps |
4.85% p.a. (End-of-term payments) 4.75% p.a. (Monthly payments) |
And here are the other major movers in the one-year/12-month TD Rates over the past week:
Latest changes to one-year/12-month TD Rates – 7 July |
||
Provider – TD Product |
Change |
New Rate |
Newcastle Permanent – TD |
+30bps |
4.70% p.a. |
Robobank Australia – TD |
+5bps |
5.05% p.a. |
Australian Military Bank – Income Plus |
+30bps |
5.05% p.a. |
Beyond Bank – TD |
+25bps |
4.55% p.a. |
Community First Bank – TD Special |
+55bps |
5.05% p.a. |
Heritage Bank – TD |
+20bps |
5.15% p.a. |
Bank Australia |
+60bps |
5.00% p.a. |
BankVic – Regular Income |
+25bps |
4.70% p.a. |
People’s Choice – Term Investment |
+15bps |
5.15% p.a. |
Suncorp Bank – TD |
+45bps |
5.00% p.a. |
*The rates of the TD products mentioned above varies depending on minimum and maximum deposit amounts and payment frequencies.
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