Macquarie, Bendigo shift term deposit rates

Macquarie's new top rate is 4.90% p.a. for amounts between $5,000 and $1 million invested for three months, a five-basis point drop on the old rate.

At the same time, it's lifted its 12-month rate to 4.85% p.a., another five-basis point increase on last week's big hike of 20 basis points.

Here are Macquarie's new term deposit rates:

Term length	Deposit size	Payment frequency	Interest rate (Change %)
3 months	$5,000-$1m	End of term	4.90% p.a. (-0.05)
3 months	$1m-$10m	End of term	4.65% p.a. (-0.05)
1 year	$5,000-$1m	Annually	4.85% p.a. (+0.05)
1 year	$1m-$10m	Annually	4.45% p.a. (+0.05)

It makes Macquarie's 5.5% p.a. four-month introductory rate for its savings account look pretty appealing, not to mention the recently lifted ongoing savings rate of 5.00% p.a.

The welcome rate is for amounts up to $250,000 while the 5.00% p.a. Savings interest rate is offered on balances up to $1 million.

Macquarie's savings account is notable in the market for its no fees, no conditions policy.

But savings rates are variable rates, subject to the vagaries of the market and RBA decision making.

In term deposit territory, savvy investors may be looking to lock in a decent rate for a longer term while rates fall away in 2025 - highly anticipated but, of course, not at all guaranteed.

Macquarie's term deposit rate changes put it further behind the market's leading rates, currently led by Judo Bank's 5.15% p.a. for six months with a clutch of other banks still offering TD rates over 5.00% p.a.

Bendigo drops highest TD rate to 4.5%

Bendigo Bank has taken 15 basis points off its highest term deposit rate this week, cutting its 12-month rates to 4.5% p.a.

At the same time, it's added 40 basis points to both its four- and nine-month rates, taking them to 4.00% p.a. and 4.4% p.a. respectively.

Here are the new Bendigo rates:

Term length	Deposit size	Payment frequency	New rate (Change %)
4 months	$5,000-$5m	End of term	4.00% p.a. (+0.40)
9 months	$5,000-$5m	End of term	4.40% p.a. (+0.40)
12 months	$5,000-$5m	End of term	4.50% p.a. (-0.15)
12 months	$5,000-$5m	Semi-annually	4.50% p.a. (-0.15)
12 months	$5,000-$5m	Quarterly	4.50% p.a. (-0.15)
12 months	$5,000-$5m	Monthly	4.50% p.a. (-0.15)

Bendigo Bank hasn't changed its term deposit rates since announcing major cuts - up to 70 basis points - in late August.

AMP Bank flies close to the 5% sun

AMP Bank has unveiled a swathe of changes to its term deposit rates this week, lifting its highest rate offering but plunging others by up to 30 basis points.

Its new headline term deposit rate is 4.90% p.a. for amounts between $25,000 to $10 million invested for either six or 12 months.

For amounts between $5,000 and $24,999.99, the new rate is 4.85% p.a. for the same terms.

The six-month rates have jumped 10 basis points on the old rates while the 12-month rates are up 15 basis points.

Here's a selection of AMP's new rates:

Term length	Deposit size	Payment frequency	New rate (Change %)
6 months	$5,000-under $25,000	End of term	4.85% p.a. (+0.10)
6 months	$25,000-$10m	End of term	4.90% p.a. (+0.10)
12 months	$5,000-under $25,000	End of term	4.85% p.a. (+0.15)
12 months	$25,000-$10m	End of term	4.90% p.a. (+0.15)

AMP Bank's largest 30-basis point cuts have generally hit its three- to five-year term deposit rates, now paying 3% and under.

It's also taken 25 basis points off its seven-month rates, now paying 4.60% p.a. for amounts under $25,000 and 4.65% p.a. for amounts over $25,000, with interest paid end of term.

Bank of us adjusts term investment rates

The Tassie bank has been no slouch in the term deposit market, still offering its headline rate of 5.00% p.a. for amounts between $5,000 and $200,000 invested for six months and paid at maturity.

This week, Bank of us has lifted its nine-month rate by 15 basis points to 4.75% p.a. while dropping its 10, 11, and 12-month rates by the same amount.

Bank of us has also taken 15 basis points off its 12-month Regular Income term deposit rate that pays interest monthly.

The new rate is 4.45% p.a. for amounts between $5,000 and $200,000 as well as for higher balances up to $100 million.

Bank of Sydney goes big with 60 bp rise

You can always count on Bank of Sydney to make a bit of a splash with its rate changes and this week was no different.

It's lifted its four-month term deposit rate by 60 basis points to 4.5% p.a. for amounts between $1,000 and $1 million, with interest paid end of term.

Its best new rate is 4.65% p.a. for the same amount invested for nine months, a five-basis point increase, also paid end of term.

The same rates also apply to its business term deposit products.

It's worth noting Bank of Sydney is also still offering its eye-catching 5.05% p.a. six-month term deposit rate for online customers only.

Other movers

Teachers Mutual Bank has cut its term deposit rates, including its Edvest rates, by up to 15 basis points.

Its best new rate is 4.75% p.a. for amounts between $1,000 and $1 million invested for six months with interest paid end of term.

It's also still offering its best rate of 4.8% p.a. for a three-month term.

Edvest members get an additional 0.05% on top of the bank's advertised term deposit rates.

Finally, Bank Australia has cut its six-month term deposit rates by 10 basis points, down to 4.8% p.a. for end of term interest payment and 4.7% p.a. for monthly payments for amounts from $500 to $1 million.

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