Here are some of the biggest movements in the TD space over the week ending 21 July:
Westpac Group
Westpac adjusted its six and 12-month Special TDs. It reduced its six-month rate by 65bps. This applies to its subsidiaries including BankSA, St. George Bank, Bank of Melbourne, and BankSA.
Westpac Group TD rate changes
|
Term |
Change |
Rate |
|
6 months |
-65bps |
4.10% p.a. |
|
12 months (end of term and monthly payments) |
+15bps |
4.90% p.a. |
MyState Bank
MyState Bank rolled out up to 250bps increase in its rates over the week, applicable to its Online and Regular TD products.
MyState Bank TD rate changes
|
Term |
Change |
Rate |
|
6 months – Online and Regular TD |
+50bps |
4.90% p.a. |
|
9 months - Online and Regular TD |
+30bps |
5.00% p.a. |
|
10 months - Online and Regular TD |
+250bps |
5.00% p.a. |
|
12 months - Online and Regular |
+10bps |
5.10% p.a. |
All TD products above have end-of-term payments and a minimum deposit of $5,000.
AMP Bank
AMP made increases of as much as 20bps in its TD rates over the week, with its short-term rates receiving the biggest boost.
It is worth noting however, that its 12-month TD rate is now at 5.45% p.a., which is among the highest in the market. The catch — the minimum deposit to get that rate is $25,000.
Overall, AMP Bank’s TDs with higher deposit have at least 5bps higher interest rates than their lower deposit counterparts.
AMP Bank TD rate changes
|
Term |
Change |
Rate |
|
12 months (min. deposit of $25,000) |
+10bps |
5.45% p.a. |
|
12 months (min. deposit of $5,000) |
+10bps |
5.40% p.a. |
|
8 months (min. deposit of $5,000) |
+20bps |
5.40% p.a. |
|
11 months (min. deposit of $5,000) |
+10bps |
5.40% p.a. |
The TD rates mentioned above have end-of-term payments.
Great Southern Bank
Great Southern Bank made a uniform increase of 25bps across its TD products, with its one-year term now surpassing the 5% mark.
Great Southern Bank TD rate changes
|
Term |
Change |
Rate |
|
3 months |
+25bps |
4.65% p.a. |
|
6 months |
+25bps |
5.10% p.a. |
|
12 months (end of term payments) |
+25bps |
5.25% p.a. |
|
12 months (monthly payments) |
+25bps |
5.15% p.a. |
Bank of us
Bank of us made some of the biggest movements in the space this week, rolling out increases of up to 95bps under its Term Investment TD product. The bigger increases were for its 12-month TD rates. Below are some of the biggest changes in Bank of us’ 12-month TDs:
Bank of us 12-month Term Investment TD rate changes
|
Term |
Change |
Rate |
|
12 months (monthly payments, min. deposit of $20,000) |
+95bps |
4.70% p.a. |
|
12 months (end of term payment, min deposit of $5,000) |
+80bps |
4.70% p.a. |
|
12 months (end of term payment, min deposit of $25,000) |
+80bps |
4.75 % p.a. |
Bankwest
Bankwest increased its rates for its Gold and Online Term Deposit products, particularly for terms of nine and 12 months.
Bankwest TD rate changes
|
Term |
Change |
Rate |
|
9 months (end of term payments) |
+30bps |
5.00% p.a. |
|
12 months (annual payment) |
+20bps |
4.75% p.a. |
|
12 months (quarterly payment) |
+20bps |
4.67% p.a. |
|
12 months (monthly payment) |
+19bps |
4.65% p.a. |
The minimum fund is $5,000 for Gold Term Deposit and $1,000 for Online Term Deposit.
The Mac
The Mac rolled out the most significant increase over the past week, upping its 12-month TD rates by 120bps. Interestingly, it also cut its two-year TD rate by 25bps.
The Mac TD rate changes
|
Term |
Change |
Rate |
|
3 months (end of term payments) |
+100bps |
3.00% p.a. |
|
6 months (annual payment) |
+150bps |
4.00% p.a. |
|
1 year (quarterly payment) |
+120bps |
4.70% p.a. |
|
2 years (monthly payment) |
-25bps |
4.00% p.a. |
The one-year TD rate indicated above applies monthly, quarterly, semi-annual, and annual payments. The three-, six-, and two-year rates apply to end-of-term payments. All TDs above require a minimum deposit of $5,000.
Macquarie Bank
Macquarie Bank was among the TD providers that decided to cut its rates. Due to this move, its one-year TD rate is now below 5%.
Macquarie TD rate changes
|
Term |
Change |
Rate |
|
6 months |
-0.05bps |
4.80% p.a. |
|
9 months |
-0.05bps |
4.90% p.a. |
|
1 year |
-0.05bps |
4.95% p.a. |
Beyond Bank
Beyond Bank adjusted its one-year TD rates by 20bps.
Beyond Bank TD rate changes
|
Term |
Minimum Deposit |
Rate |
|
1 year (end of term payments) |
$2,000 |
4.75% p.a. |
|
1 year (end of term payments) |
$50,000 | $200,000 |
4.80% p.a. |
|
1 year (monthly payments) |
$2,000 |
4.65% p.a. |
|
1 year (monthly payments) |
$50,000 | $200,000 |
4.70% p.a. |
Latest term deposit rates movers – 21 July
|
Lender – TD Product |
Change |
Rate |
|
Northern Inland CU – Fixed Term Deposit, 3 months |
+20bps |
3.50% p.a. |
|
Bank of Sydney – Business and Regular Term Deposit, 6 months |
-5bps |
5.45% p.a. |
|
Community First Bank – Term Deposit Special, 12 months |
+20bps |
5.25% p.a. |
