Following a very interesting week, some providers like AMP Bank, Bank of Queensland, and ING now raised their 12-month TD rates to 5% p.a..
Meanwhile, ME Bank and Bank of Sydney solidified their leading positions by boosting their rates for the same term to 5.05% p.a.
This follows ME and Transport Mutual Credit Union which first breached the barrier last week.
ME Bank
ME Bank reasserted itself as a leader in term deposit rates, rolling out a 30bps increase in its 12-month business term deposit rate.
Here are the other major changes to its term deposit rates over the past week:
|
Term |
Change |
Interest Rate (% p.a) |
|
4 months |
+85bps |
4.45 |
|
9 months |
+55bps |
5.00 |
|
12 months |
+30bps |
5.05 |
AMP Bank
AMP Bank rolled out several hikes its TD rates, including a 20bps increase to bring its 12-month TD rate to 5% p.a.
Bank of Sydney
After joining the 5% club for its 12-month term deposit rates, Bank of Sydney also brought its six-year term deposit rate to 5.05% p.a.
Bank of Queensland
Bank of Queensland officially joined the roster of providers with 5% rates for 12-month term deposits. This applies to its Premier Investment TD product. Below are some of the most significant changes in the bank’s TD rates for Premier Investment:
|
Term |
Change |
Interest Rate (% p.a) |
|
6 months |
+85bps |
4.45 |
|
9 months |
+45bps |
4.90 |
|
12 months |
+20bps |
5.00 |
Judo Bank
Judo Bank raised its one-year SMSF TD and Personal TD rates by 5bps to 5.05% p.a.
Firstmac
Firstmac moved its 12-month TD rate to 5% p.a., an increase of 15bps.
ING
ING made one of the most substantial changes to meet the 5% p.a. rate of one-year TDs, rolling out a 25bps increase.
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Disclaimer: All TD products mentioned in this update are paid at the end of the term.
