Here are the biggest changes in the term deposit rates over the past week:
Bank of Queensland
Bank of Queensland increased its short-term rates under Premier Investment by 10bps.
Bank of Queensland TD rate changes – 29 September
|
Term |
Payment Frequency |
Rate |
|
6 months |
End of term |
4.80% p.a. |
|
9 months |
End of term |
4.90% p.a. |
|
6 months |
Monthly |
4.70% p.a. |
|
9 months |
Monthly |
4.50% p.a. |
Bank of Queensland’s Premier Investment has a minimum deposit of $5,000.
Judo Bank
Judo Bank also increased its rates under its Personal, SMSF, and Business TD products. Here are the changes to its one-year rates under the three TD products:
Judo Bank 1-Year TD rate changes – 29 September
|
Product |
Term |
Change |
Rate |
|
Business |
1 year |
+20bps |
5.20% p.a. |
|
Personal |
1 year |
+25bps |
5.25% p.a. |
|
SMSF |
1 Year |
+20bps |
5.20% p.a. |
Judo Bank also increased its shorter-term rates across the three TD products.
ME Bank
ME Bank also increased the returns of its personal and business TDs.
ME Bank TD rate changes – 29 September
|
Product |
Term |
Change |
Rate |
|
Business |
1 year |
+5bps |
4.90% p.a. |
|
Personal |
1 year |
+5bps |
5.00% p.a. |
|
Business |
7 months |
+10bps |
4.85% p.a. |
|
Personal |
7 months |
+10bps |
4.95% p.a. |
These TD products have end-of-term payments and a $5,000 minimum deposit.
Summerland Credit Union
Summerland Credit Union made some changes to the rates under its Fixed Term TD product. The provider slashed its four- and nine-month rates while increasing rates under shorter terms and terms above 1 year. Here are the most significant changes:
Summerland Credit Union TD rate changes – 29 September
|
Term |
Change |
Rate |
|
4 months |
-60bps |
4.00% p.a. |
|
5 months |
+70bps |
4.00% p.a. |
|
9 months |
-10bps |
4.70% p.a. |
|
13 months |
+25bps |
4.60% p.a. |
|
18 months |
+45bps |
4.70% p.a. |
|
24 months |
+50bps |
4.80% p.a. |
The rates above have a minimum deposit requirement of $1,000. Summerland Credit Union also adjusted its rates for products with higher deposit requirements.
Macquarie Bank
Macquarie Bank made a small increase in its six-month and one-year TD rate.
Macquarie Bank TD rate changes – 29 September
|
Term |
Change |
Rate |
|
6 months |
+5bps |
4.75% p.a. |
|
1 year |
+10bps |
4.90% p.a. |
Macquarie Bank’s TD products above have a minimum deposit requirement of $5,000.
ING
After the boosting its rates in August, ING started to scale down, reducing its returns by up to 30bps this week. The cuts apply to ING’s personal TD products. Here are the most significant changes:
ING TD rate changes – 29 September
|
Term |
Change |
Rate |
|
90, 120 days |
-5bps |
4.65% p.a. |
|
180, 210, 270 days |
-15bps |
4.80% p.a. |
|
330 days |
-30bps |
4.65% p.a. |
|
1 year |
-5bps |
5.00% p.a. |
|
2 year |
-15bps |
4.80% p.a. |
These TD products have a minimum deposit of $10,000 and an end-of-term payments.
Bank of Sydney
Like other providers, Bank of Sydney boosted its business and personal TD rates this week.
Bank of Sydney TD rate changes – 29 September
|
Term |
Change |
Rate |
|
9 months |
+15bps |
5.05% p.a. |
|
1 year |
+10bps |
5.25% p.a. |
The rates above apply to both business and personal TDs. They have a minimum deposit requirement of $1,000.
MyState Bank
MyState Bank also rolled out cuts across its TD products — Income Deposit, Online, and regular TDs.
MyState Bank TD rate changes – 29 September
|
Term |
Change |
Rate |
|
Income Deposit – 12 months |
-15bps |
4.65% p.a. |
|
Online and Regular TD – 12 months |
-15bps |
4.75% p.a. |
|
Online and Regular TD – 9 months |
-20bps |
4.65% p.a. |
|
Online and Regular TD – 6 months |
-15bps |
4.60% p.a. |
A minimum of $5,000 deposit is needed for these TD products.
Bank Australia
Bank Australia decreased its TD rates this week by up to 20bps. Here are the changes:
Bank Australia TD rate changes – 29 September
|
Term |
Change |
Rate |
|
6 months (end-of-term payments) |
-5bps |
4.95% p.a. |
|
12 months (end-of-term payments) |
-20bps |
5.05% p.a. |
|
6 months (monthly) |
-5bps |
4.85% p.a. |
|
12 months (monthly) |
-20bps |
4.95% p.a. |
Depositors only need a minimum of $500 for the TD products above.
Northern Inland CU
Northern Inland CU slashed the 12- and 24-month rates under the Fixed Term Deposit line. Here are the changes:
Northern Inland CU TD rate changes – 29 September
|
Term |
Change |
Rate |
|
12 months |
-10bps |
4.90% p.a. |
|
24 months |
-15bps |
3.95% p.a. |
The minimum deposit for the rates above is $5,000. The same changes apply to rates with higher minimum deposits.
Photo by Nastco on Canva.
