Competition continues to heat up in term deposits despite RBA hold

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.

Read more: Term Deposit News Term Deposit Basics

Gerv Tacadena

Finance Journalist

Gerv Tacadena started his career as a science and technology reporter working in a busy newsroom. Prior to joining the Infochoice Group in 2021, Gerv was a journalist for some notable business news sites and magazines, particularly in Singapore, Canada and Hong Kong. He also writes for other mastheads in the Group, including Your Mortgage, and Your Investment Property Mag.

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