Here are the changes this week, ending 22 September 2023:
ANZ
ANZ reduced some of its rates under the Advance Notice Term Deposit product. The cuts went as high as 60bps. Here are some of the changes:
ANZ rate changes – 22 September
|
Term |
Change |
Rate |
|
4 months |
-60bps |
3.60% p.a. |
|
12 months |
-5bps |
4.80% p.a. |
|
24 months |
-5bps |
4.00% p.a. |
These TD products have a minimum deposit of $5,000 and require 31 days' notice to withdraw funds.
MOVE Bank
Move Bank rolled out several changes in its Fixed Term Deposit product, including an 30bps increase and a 15bps cut. Here are the major changes:
MOVE Bank TD rate changes – 22 September
|
Term |
Change |
Rate |
|
5 months |
+30bps |
4.75% p.a. |
|
7 months |
-10bps |
4.90% p.a. |
|
8 months |
+10bps |
4.90% p.a. |
|
9 months |
-15bps |
4.95% p.a. |
The products above have end-of-term payments and a minimum deposit of $5,000.
Horizon Bank
Horizon Bank made increases of up to 30bps, with its 12-month rate now back at 5% p.a. Below are Horizon’s Bank’s latest rate changes:
Horizon Bank TD rate changes – 22 September July
|
Term |
Change |
Rate |
|
3 months |
+30bps |
4.00% p.a. |
|
7 months |
+30bps |
4.50% p.a. |
|
12 months |
+15bps |
5.00% p.a. |
|
12 months (monthly payments) |
+15bps |
4.90% p.a. |
To qualify for the products above, a minimum deposit of $1,000 is required. All TDs above have an end-of-term payments unless otherwise stated.
Credit Union SA
Credit Union SA increased its five-month and six-month TD rate but reduced its nine-month rate. Check out the changes:
Credit Union SA rate changes – 22 September
|
Term |
Change |
Rate |
|
5 months |
+50bps |
4.50% p.a. |
|
6 months |
+90bps |
4.90% p.a. |
|
9 months |
-10bps |
4.90% p.a. |
These TD products have a minimum deposit of $5,000.
Suncorp Bank
Suncorp bank slashed its short-term TD rates by 5bps. Here are the changes:
Suncorp Bank TD rate changes – 22 September
|
Term |
Change |
Rate |
|
7 months |
-5bps |
4.80% p.a. |
|
9 months |
-5bps |
4.40% p.a. |
|
1 year |
-5bps |
4.80% p.a. |
The rates mentioned above are for TDs with minimum deposit of $5,000 and end-of-term payments. The 5bps cut applies across deposit accounts and repayment terms.
Bank of Sydney
Bank of Sydney made a few increases this week. Its 12-month TD rate is now over 5.00% p.a.
Bank of Sydney TD rate changes – 22 September
|
Term |
Change |
Rate |
|
6 months |
+50bps |
5.00% p.a. |
|
12 months |
+15bps |
5.15% p.a. |
These two rates have a minimum deposit of $1,000 and end-of-term payments.
Hume Bank
Hume Bank increased the rates of its longer-term TD products.
Hume Bank rate changes – 22 September
|
Term |
Change |
Rate |
|
2 years (annual payments) |
+15bps |
4.05% p.a. |
|
2 years (monthly payments) |
+15bps |
3.95% p.a. |
|
3 years (annual payments) |
+25bps |
4.00% p.a. |
|
3 years (monthly payments) |
+25bps |
3.90% p.a. |
These TD products have a minimum deposit of $5,000.
Great Southern Bank
Great Southern Bank increased its two-year TD rate but made decreases in its shorter-term rates. Below are the changes.
Great Southern Bank TD rate changes – 22 September
|
Term |
Change |
Rate |
|
6 months |
-5bps |
4.80% p.a. |
|
1 year |
-10bps |
4.95% p.a. |
|
2 years |
+25bps |
4.70% p.a. |
For the TD products above, the minimum deposit is $5,000. They have end-of-term payments.
Photo by twinsterphoto on Canva.
