On Friday morning, market-leader Judo Bank made hefty cuts to its five-year term deposit rate.
What was the market leader at 4.95% p.a. is now 45 basis points lower at 4.50% p.a.
It also made cuts to products with shorter terms.
This is reportedly the first time since August Judo Bank has made any reduction in term deposit rates.
Bank First
Bank First increased its 150-day (five month) term deposit rates with interest payable upfront.
The rate was increased by 10 basis points to 2.95% p.a.
This product is distinct in the market in that interest is paid upfront.
The minimum deposit is $500 while the maximum is $1 million.
On a $1 million deposit, that would result in $12,123 deposited directly into a nominated bank account.
RACQ Bank
The banking arm of Queensland's largest motoring club increased one-year rates by 10 basis points to 4.10% p.a.
The minimum deposit is $1,000.
Community First
The credit union boosted one-year rates by 60 basis points to 4.00% p.a.
The minimum deposit is $5,000.
ING
ING entered the one-year 4% club this week, boosting its 12-month rate by 30 basis points to 4.10% p.a.
The minimum deposit is $10,000.
Goldfields Money
The Perth-based bank increased its one-year rate by 25 basis points to 4.40% p.a.
The minimum deposit is $5,000.
This is the highest one-year rate in the market, according to InfoChoice's product database.
The Top One-Year Term Deposit Rates - 16 December
| Bank | % Rate Per Annum | Min Deposit |
| Goldfields Money | 4.40 | $5,000 |
| Gateway Bank | 4.35 | $1,000 |
| Credit Union SA | 4.30 | $5,000 |
| Illawarra Credit Union | 4.30 | $100,000 |
| Judo Bank | 4.20 | $1,000 |
