This week there was a slower rate of change among banks pushing up term deposit rates.
With less than two weeks to go until the RBA's December monetary policy decision, there's currently a bit of a 'no man's land' effect happening, with no significant rate changes occurring in the savings account space in the past week either.
This comes after RBA Governor Dr Philip Lowe said a return to 50 basis point hikes could be on the cards again after two consecutive 25 basis point hikes.
Despite the more subdued week in the term deposit space, some noteworthy changes happened, and there are now more than 20 banks with one-year term deposit rates of 4.00% p.a. or greater.
All changes below are for products with interest paid at maturity.
New market leader in Illawarra Credit Union
Illawarra Credit Union has a new offer in the 12-month term deposit space of 4.30% p.a.
The minimum deposit is $100,000.
This is the highest 12-month term deposit rate in InfoChoice's product database.
Judo Bank plays tic tac toe
Judo increased its 12-month rate by 5 basis points to a total of 4.25% p.a.
The minimum deposit is $1,000.
Beyond Bank, The Mutual join 4% club
The customer-owned institutions now have 12-month rates starting with a four.
To get the 4.00% p.a. rate with Beyond Bank, however, customers must have a $50,000 deposit.
This represents a 15 basis point increase over the old rate.
The Mutual increased its rate by 40 basis points to 4.00% p.a. with a minimum deposit of $1,000.
AMP chops and changes
AMP's 12-month rate increased by 10 basis points to 4.15% p.a. with a minimum deposit of $5,000.
The rate jumps to 4.20% p.a. if savers have a deposit of $25,000 or more.
However, the 18-month rate was cut by 20 basis points to 3.85% p.a. with a minimum deposit of $5,000.
Top One-Year Term Deposit Rates - 25 November
|Institution||% Rate Per Annum||Minimum Deposit|
|Illawarra Credit Union||4.30||$100,000|
Teachers Mutual Bank also has an 11-month rate of 4.25% p.a. with a $1,000 minimum deposit.
Photo by Gene Taylor on Unsplash