This follows on from earlier in the week when ANZ cut rates on a large range of TD products.
Maybe Judo took stock of what its chief economic adviser, Warren Hogan, has said.
He remains a relative outlier in calling for the RBA to increase rates again to truly stamp out the inflation problem.
Mr Hogan says the economic signs are still there to warrant another.
Or maybe the plucky challenger bank is just matching the yield curve, which has appreciated in the past month or so.
The market was also a lot quieter this week, with only a handful of providers adjusting rates; maybe they are taking a 'wait and see' approach with regards to the longevity of Treasury yields and swap rates going up.
Judo Bank peeks back above the 5% clouds
| Term | New % Rate p.a. | Change |
|---|---|---|
| 3 Months | 5.00% | +0.05 |
| 6 Months | 5.15% | +0.05 |
| 9 Months | 5.05% | +0.15 |
| 12 Months | 5.00% | +0.10 |
| 2 Years | 4.75% | +0.20 |
| 3 Years | 4.65% | +0.25 |
| 4 Years | 4.50% | +0.10 |
| 5 Years | 4.50% | +0.10 |
The above rates are for interest paid at the end of term; lower rates apply for more frequent payments.
Deposit sizes are anywhere from $1,000 to $2 million.
MyState Bank nearly gets there
| Term | New Rate % p.a. | Change |
|---|---|---|
| 5 Months | 4.95% | +0.45 |
A hearty increase on a relatively obscure term from the Tasmanian-based outfit this week.
However the same can't be said for other terms; its 7- and 12-month rates were slashed by 10 to 20 basis points to now sit at 4.80% and 4.65% per annum, respectively.
This pertains to interest payments made at maturity, and the minimum deposit is $5,000 with no explicit maximum.
Those on the cutting room floor
- Beyond Bank cuts rates by 10 basis points on 6-, 7- and 9-month, and 1- and 2-year terms.
Photo by Nikola Ancevski on Unsplash
