Judo Bank is back atop the leaderboard for its 4.9% p.a. for a six-month term deposit, a jump of five basis points.
The TD team at Judo has also lifted most other term deposit rates for amounts between $1,000 and $2 million, as follows:
| Term | New Rate | Change (%) | Interest paid |
|---|---|---|---|
| 3 months | 4.75% p.a. | -0.10 | End of term |
| 4 months | 4.60% p.a. | +0.10 | End of term |
| 5 months | 4.60% p.a. | +0.10 | End of term |
| 6 months | 4.90% p.a. | +0.05 | End of term |
| 9 months | 4.85% p.a. | +0.10 | End of term |
| 1 year | 4.75% p.a. | +0.05 | Annually |
Depositors wanting monthly payments see a 10-basis point drop in interest rates.
Judo also adjusted the rates on its Business and SMSF term deposit products this week.
BoQ/ME Bank rejig rates
Bank of Queensland and its subsidiary ME Bank have changed up their term deposit rates for amounts greater than $5,000, although it's ME that's come out on top.
ME Bank has outstripped its parent company with a new top rate of 4.75% p.a. for six months for end of term payments, an increase of five basis points.
Its five month rate has also seen a considerable 3.4% boost, taking it to 4.65% p.a. for end of term payments.
Here are the new rates, which drop five basis points for monthly payments:
| Term | New rate | Change (%) | Interest paid |
| 5 months | 4.65% p.a. | +3.40 | End of term |
| 4.60% p.a. | +0.05 | Monthly | |
| 6 months | 4.75% p.a. | +0.05 | End of term |
| 4.70% p.a. | +3.40 | Monthly |
Meanwhile, BoQ's new top rate is 4.65% p.a. for six months, a 10 basis point cut, although its eight month rate has been boosted 3.15% to match it.
Here are BoQ's new rates:
| Term | New rate | Change (%) | Interest paid |
| 4 month (120-149 days) | 4.55% p.a. | -0.05 | End of term |
| 6 months (181-211 days) | 4.65% p.a. | -0.10 | End of term |
| 8 months (242-272 days) | 4.65% p.a. | +3.15 | End of term |
| 9 months (273-302 days) | 4.50% p.a. | -0.10 | End of term |
| 4 months | 4.45% p.a. | -0.05 | Monthly |
| 6 months | 4.55% p.a. | -0.10 | Monthly |
| 8 months | 4.55% p.a. | +3.15 | Monthly |
ING lifts top TD rate
Long-time contender in the term deposit leaderboards, ING has also boosted its top rate this week to 4.50% p.a. for seven months (or 210 days in ING's measure).
That's up 15 basis points on the old rate although many of its other term deposit rates have fallen this week on amounts between $1,000 and $5 million, as follows:
| Term | New rate | Change (%) | Interest paid |
|---|---|---|---|
| 3 months (90 days) | 4.35% p.a. | -0.30 | End of term |
| 4 months (120 days) | 4.35% p.a. | -0.15 | End of term |
| 6 months (180 days) | 4.40% p.a. | -0.25 | End of term |
| 7 months (210 days) | 4.50% p.a. | +0.15 | End of term |
| 9 months (270 days) | 4.45% p.a. | +0.10 | End of term |
| 1 year | 4.30% p.a. | -0.20 | End of term |
| 2 years | 3.90% p.a. | -0.10 | End of term |
BCU gives and takes away
The customer-owned bank has done a broad sweep of its term deposit rates this week, making a grand statement in lifting its top TD rate to 4.65% p.a. for five months, a substantial 65 basis point jump.
But many of BCU's other rates have been cut, some up to 70 basis points.
The following table features rates for its Standard Term Deposit products for deposits between $1,000 and under $1 million:
| Term | New rate | Change (%) | Interest paid |
|---|---|---|---|
| 2 months | 1.60% p.a. | -0.15 | End of term |
| 3 months | 4.00% p.a. | -0.70 | End of term |
| 4 months | 4.00% p.a. | -0.50 | End of term |
| 5 months | 4.65% p.a. | +0.65 | End of term |
| 6 months | 4.45% p.a. | -0.15 | End of term |
| 7 months | 3.85% p.a. | -0.15 | End of term |
| 8 months | 3.85% p.a. | -0.15 | End of term |
| 9 months | 4.30% p.a. | -0.15 | End of term |
| 10 months | 3.70% p.a. | -0.10 | End of term |
| 11 months | 3.70% p.a. | -0.10 | End of term |
| 12 months | 4.40% p.a. | -0.05 | End of term |
| 24 months | 3.65% p.a. | -0.15 | Annually |
| 36 months | 3.55% p.a. | -0.15 | Annually |
BCU's Regular Income term deposit rates for monthly repayments are 10 basis points lower.
The rates for its 55 Plus Investment products have also been adjusted this week.
Bendigo goes the chop
The rate-fixers at Bendigo Bank used only red pens when they lowered term deposit rates by up to 30 basis points this week for amounts over $5,000.
Bendigo's new rates are looking decidedly lacklustre with its best rate of 4.10% p.a. for six months the only one over the 4.00% mark - and that's for deposits of over $5,000 only.
Here's a run-through of the new rates, if only to spur punters to look for greener pastures.
| Term | New rate | Change (%) | Interest paid |
|---|---|---|---|
| 3 months | 3.20% p.a. | -0.30 | End of term |
| 4 months | 3.70% p.a. | -0.30 | End of term |
| 5 months | 3.80% p.a. | -0.20 | End of term |
| 6 months | 4.10% p.a. | -0.20 | End of term |
| 7 months | 3.90% p.a. | -0.10 | End of term |
| 12 months | 4.00% p.a. | -0.20 | End of term |
The new rates fall by five basis points for more frequent payments on six and 12-month terms.
Military Bank retreats on TD rates
Australian Military Bank has also made some sweeping cuts to its Investment Plus, Income Plus, and Teen Plus term deposit products, cutting rates by up to 30 basis points.
Its best new rate is 4.65% p.a. for amounts between $1,000 and $250,000 deposited for six months - that's a 10 basis point cut on the old rate.
The new rates follow:
| Term | New rate | Change (%) | Interest paid |
|---|---|---|---|
| 4 months | 4.30% p.a. | -0.30 | End of term |
| 6 months | 4.65% p.a. | -0.10 | End of term |
| 7-8 months | 4.50% p.a. | -0.10 | End of term |
| 9 months | 4.50% p.a. | -0.15 | End of term |
| 10-11 months | 4.45% p.a. | -0.15 | End of term |
| 12 months | 4.45% p.a. | -0.15 | Annually |
| 13-15 months | 4.30% p.a. | -0.25 | Annually |
| 16-17 months | 3.80% p.a. | -0.15 | Annually |
| 18-23 months | 3.80% p.a. | -0.15 | Annually |
| 24 months | 3.80% p.a. | -0.15 | Annually |
| 25-26 months | 3.80% p.a. | -0.15 | Annually |
Investment Plus interest rates also apply to Teen Plus products while Income Plus term deposit interest rates are 10 basis points lower with interest paid monthly.
Income Plus term deposits are only available for terms up to 12 months.
Other rate movers
Gateway Bank has long been a contender for the market's top rate and is still offering 4.85% p.a. for six months on amounts $1,000 or more.
Gateway has made only one change this week, lowering its 12-month rate by five basis points to 4.65% p.a.
The other tweaker this week is Bank Australia which has cut its three-month term deposit rate by 15 basis points from 4.6% p.a. to 4.45% p.a.
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Personal Term Deposits - 6 months
Disclosure
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| At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit - 6 months | |||||||||||||
| At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 25000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit - 6 months | |||||||||||||
| At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 25000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Term Deposit ($25,000+) - 6 months | |||||||||||||
| At Maturity | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | 5000 | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Macquarie Bank Term Deposit (<$1,000,000) - 6 months | |||||||||||||
- Competitive interest rates on all term lengths
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Bernadette Lunas
Harry O'Sullivan
Denise Raward
Staff Writers
