MEDIA RELEASE \ufeff1pm, Wednesday 4 March 2020 First savings rate cuts announcedEffective 1pm 4 March: Market leader Judo Bank cuts TD ratesInfoChoice names the banks that are beating inflationLock in up to 2.35% pa (for 5 years) NOW Today, 4 March 2020, 13.00pm AEDT Rate % paCPI Inflation as reported by the ABS/ RBA 1.8% paTop big four bank at-call savings account rate 1.65% pa for 4 months Top big four bank term deposit rate 1.60% pa 8 months (ANZ Bank) Top at-call savings account rates* 2.65%pa for 4 months 3.15% pa for under 24s Top ongoing maximum bonus at-call savings account rate 2.35% paTop term deposit rate2.35% pa, 5 years (Judo Bank) Top 12-month term deposit rate 1.95% pa (Judo Bank) Term deposit market leader Judo Bank is the first institution to announce cuts to savings rates following the RBA’s cut to official interest rates yesterday. Judo Bank’s term deposit rate cuts are effective immediately, 1pm 4 March 2020. Judo Bank has sliced 0.05 percentage points from their 12-month rate from 2.0 per cent pa to 1.95 per cent pa. Judo Bank has also sliced 0.05% pa from other terms, including the popular 6-month term deposit, which is now paying 1.90% pa. The top term deposit rate is still 2.35% pa for five years from Judo Bank. These Judo Bank term deposit rates are effective 1pm MEL TIME today (4th March 2020): New Judo Bank term deposit rates Go directly to Judo Bank term deposit interest rate information at InfoChoice. Savers who want to keep their cash in the bank need to act FAST to lock in rates above inflation said Vadim Taube, chief executive of InfoChoice, one of Australia’s leading financial comparison websites. “More banks, credit unions and neobanks are expected to announce various rate cuts to their savings accounts and term deposits soon.” “The leading at-call savings account rates are now 2.25% pa but are expected to fall in coming weeks. “The highest big bank savings account rates are already below the rate of CPI inflation in Australia (1.8% pa).” InfoChoice names banks that are beating inflation: “But savers can lock in ongoing rates well above 2.0% pa if they move their cash now to a long term deposit from neobank Judo Bank,” said Vadim Taube “Judo Bank is still the clear market leader in the term deposit market,” said Vadim Taube. “In the at-call savings account market, savers need to look at the rules and conditions for getting the maximum rate,” said Mr Taube. “A savings account like ME’s high interest account or UBank’s USaver Ultra has a good maximum bonus rate above inflation with relatively easy rules for savers to meet.” Highest term deposit rates The highest term deposit rate listed on InfoChoice is now 2.35% pa (for five years) from Judo Bank, For 12-month terms Judo is paying a market-leading rate of 1.95% pa, RACQ Bank is at 1.80% pa with Bank of Sydney and Australian Military Bank at 1.65% pa. For 6-month terms Judo is paying 1.90 % pa, AMP Bank is paying 1.85% pa and citi is paying 1.80% pa. “Not all banks will cut rates by the same amount,” said Vadim Taube. InfoChoice’s top 12-month term deposit rates today 4 March 2020. InfoChoice’s top at-call savings account rates 4 March 2020: Big bank at-call savings rates, InfoChoice 4 March 2020: Compare savings account rates at InfoChoice now. Compare term deposit rates at InfoChoice. Direct to Commonwealth Bank interest rates and fees information at InfoChoice. Direct to Westpac Bank interest rates and fees information at InfoChoice. Direct to ANZ Bank interest rates and fees information at InfoChoice. Direct to NAB interest rates and fees information at InfoChoice. Go straight to the latest rates information from individual banks and other institutions here. For more information on home loan rates, data and commentary, please contact: Jason Bryce, Media Manager on 0428 777 727 firstname.lastname@example.org For more comments, please contact: Vadim Taube, Chief Executive on 0403 580 794 The products compared in this article are chosen from a range of offers available to us and are not representative of all the products available in the market and influenced by a range of factors including interest rates, product costs and commercial and sponsorship arrangements InfoChoice compares financial products from 145 banks, credit unions, authorised deposit-taking institutions, non-bank lenders and other financial product providers in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible. InfoChoice is a leading Australian comparison website for retail banking and personal finance products. We’ve been helping Aussies find great offers on credit cards, home loans, savings accounts, term deposits, personal loans and car loans for over 25 years. Our mission is to help consumers make an informed purchasing by bringing together the most comprehensive list of financial products on the market today. At InfoChoice, we strive to be: • Comprehensive. We compare more than 3500 individual products from 145 providers within Australia to offer you the best value. • Informative. We know how important it is for you to crunch the numbers before buying. Our calculators help you understand the cost of different products over the long term and show you the potential savings.