Until recently, one-year term deposits were the hot commodity, with many banks jostling for top spot - more than 20 banks now have rates above 4.00% p.a. in this space.
However in the past week, most of the rate activity was focused on term deposits with shorter terms of three to nine months.
This could be due to uncertainty in the economy, and a move to more vague messaging from the Reserve Bank. Many major bank economists have forecast cuts to the cash rate in late 2023, for example.
For the purpose of brevity, the below focuses on six-month rates where possible.
Great Southern Bank
Australia's largest customer-owned bank boosted its six-month rate by 20 basis points to 3.55% p.a.
Other terms between one and 11 months were boosted by up to 25 basis points.
Great Southern Bank also joined the 12-month 4% club, with a rate of 4.10% p.a.
The minimum deposit is $5,000.
Judo Bank
Judo Bank increased its six-month rate by 15 basis points to 4.00% p.a. with a minimum deposit of $1,000.
Three and nine month rates were also boosted by up to 25 basis points.
Bank Australia
Bank Australia made just one increase - the three-month rate was boosted by 75 basis points to 3.00% p.a.
It has a minimum deposit of $500 - one of the lowest in the market.
Other banks to have increased short-term rates this week include Beyond Bank and Australian Unity.
Macquarie cuts
Macquarie cut six-month rates by 5 basis points, down to 3.55% p.a.
That said, it increased its three-and-four month rates by 25 basis points.
The minimum deposit is $5,000.
