While the Reserve Bank increased the cash rate by a less-than-expected 25 basis points on Tuesday, term deposits seemed to move outside of this.
It's been a relatively subdued week for term deposit rate changes, with familiar faces such as Judo and AMP edging ever-closer to big milestones, such as one-year terms nudging 4.00% p.a.
Judo Bank
On Wednesday Judo increased rates for shorter terms by up to 20 basis points.
With interest paid at maturity, the three-month rate was increased by 20 basis points to 2.55% p.a.; the six-month rate was boosted by 10 basis points to 3.1% p.a.; and the nine-month rate was boosted by 10 basis points to 3.25% p.a.
The one-year rate was increased by 15 basis points to 3.90% p.a. Judo re-took the crown in this space, overtaking Macquarie's reign from last week.
Minimum deposit is $1,000, which is lower than competitors' minimums.
AMP
AMP made a wide range of changes, increasing by up to 20 basis points.
With interest payable at end of term, some noteworthy changes were the one-year rate increasing by 10 basis points to 3.75% p.a.
With interest payable annually, the two-year rate was boosted by 10 basis points to 4.10% p.a.
The minimum deposit for each of these is $5,000.
Summerland Credit Union
The Lismore-based credit union boosted rates by up to 75 basis points across a wide array of terms.
With interest payable at the end of term, the two-year rate for example was boosted by 35 basis points to 3.00% p.a. with a minimum deposit of $1,000.
The five-year rate was boosted by 40 basis points to 3.25% p.a. also with a minimum deposit of $1,000.
There are slight interest rate premiums if savers deposit $20,000 or more.
Top Term Deposit Rates - 7 October 2022
| Term | Bank | Interest Rate Per Annum | Minimum Deposit |
| One-Year | Judo | 3.90% | $1,000 |
| Two-Year | Judo | 4.45% | $1,000 |
| Three-Year | Judo | 4.60% | $1,000 |
| Four-Year | Judo | 4.75% | $1,000 |
| Five-Year | Judo | 4.85% | $1,000 |
