These moves came at a week when the Reserve Bank of Australia decided to hold the cash rate for the fourth consecutive month, leaving it at 4.10%.
Check out the latest movements in the term deposit rates over the week ending 6 October:
AMP Bank
AMP Bank increased its rates across its TD products by up to 50bps. The biggest increase applies to its two-year rates.
AMP Bank’s changes apply across terms, minimum deposit requirements, and payment frequencies. The changes this week partially reversed the cuts it made last month.
Here are the most significant increases in AMP Bank’s TD rates:
AMP Bank TD rate changes – 6 October
|
Term |
Change |
Rate |
|
12 months |
+45bps |
4.90% p.a. |
|
9 months |
+40bps |
4.85% p.a. |
|
6 months |
+20bps |
4.85% p.a. |
|
3 months |
+30bps |
4.65% p.a. |
|
2 years |
+50bps |
4.85% p.a. |
The rates above require a minimum deposit of $5,000. Payments are made end-of-term, except for the two-year rate which has an annual payment term.
Bank of Sydney
Bank of Sydney raised the rates under its regular and business TD rates. Here are the changes:
Bank of Sydney TD rate changes – 6 October
|
Term |
Change |
Rate |
|
3 months |
+5bps |
4.80% p.a. |
|
6 months |
+5bps |
5.05% p.a. |
|
9 months |
+5bps |
5.10% p.a. |
A minimum of $1,000 deposit is required for both regular and business TDs. The rates above have end-of-term payments.
Firstmac
Firstmac boosted its rates by up to 25bps this week. Here are the changes to its TD rates:
Firstmac TD rate changes – 6 October
|
Term |
Change |
Rate |
|
30 days |
+25bps |
4.00% p.a. |
|
180 days |
+20bps |
4.80% p.a. |
|
12 months |
+20bps |
4.80% p.a. |
Firstmac requires a $5,000 minimum deposit on these TD products. They have end-of-term payments.
Australian Military Bank
Australian Military Bank rolled out cuts to the rates of its Income Plus and Investment Plus TD products. The changes are substantial, up to 115bps cuts. Below are the most notable changes:
Australian Military Bank TD rate changes – 6 October
|
Term |
Change |
Rate |
|
Investment Plus – 3 months |
-115bps |
3.50% p.a. |
|
Investment Plus – 16 months |
-100bps |
3.95% p.a. |
|
Investment Plus – 12 months |
-5bps |
4.90% p.a. |
|
Income Plus – 3 months |
-115bps |
3.40% p.a. |
|
Income Plus – 9 months |
-15bps |
4.70% p.a. |
|
Income Plus – 12 months |
-5bps |
4.80% p.a. |
The Investment Plus rates above have an end-of-term payments while the Income Plus rates have monthly payments. All these products have a minimum deposit of $1,000.
Photo by pinstock on Canva.
