Australia’s fifth largest bank isn’t done pushing its savings rates higher yet, having upped its three-month term deposit rate by five basis points to 4.95% p.a. this week.

Macquarie lifts term deposit interest rates

That's for amounts between $5,000 and $1 million with interest paid at the end of term.

It follows hot on the heels of last week’s five-basis point boost to Macquarie Bank’s six- and nine-month rates, with each lifted to 4.85% p.a.

Macquarie also made a splash last month by announcing it was lifting the rate on its Savings Account to 5% and, later, bumping its four-month welcome rate to an attention-grabbing 5.5% p.a. – a hike of 15 points for both.

Macquarie’s new top term deposit rate remains below the market leaders for three-month terms, with Judo Bank and Bank of Sydney offering 5% p.a. (online rate only for Bank of Sydney).

Judo is also offering a market-leading 5.15% p.a. for six-month terms.

AMP Bank matches 4.95% top rate

AMP Bank has also boosted its top rate offering to 4.95% p.a. for amounts between $25,000 and $10 million invested for 12 months, a five-basis point hike.

It's also offering 4.90% p.a. for amounts between $5,000 and under $25,000 for a 12-month term, with interest paid end of term for both.

At the same time, AMP's 12-month term deposit rates with interest paid quarterly or monthly have seen cuts of up to 15 basis points.

The best new rate for quarterly payments is 4.85% p.a. for amounts between $25,000 and $10 million and 4.75% p.a. for monthly payments for the same investment.

Here are AMP Bank's higher new rates:

Term length Deposit size Payment frequency New rate (% change)
4 months $5,000-under $25,000 End of term 4.75% p.a. (+0.20)
10 months $5,000-under $25,000 End of term 4.85% p.a. (+0.30)
12 months $5,000-under $25,000 End of term 4.90% p.a. (+0.05)
4 months $25,000-$10m End of term 4.80% p.a. (+0.20)
10 months $25,000-$10m End of term 4.90% p.a.(+0.30)
12 months $25,000-$10m End of term 4.95% p.a. (+0.05)

Great Southern Bank cuts rates

The former Credit Union Australia has taken up to 25 basis points off a swathe of its term deposit rates.

Great Southern Bank’s new best rate is 4.60% p.a. for amounts between $5,000 and $1 million invested for five or 11 months with interest paid end of term – a 10-basis point drop.

Its six-month rate has also been dropped 10 basis points to 4.45% p.a., the same as its eight-month rate which has taken a 25-basis point cut.

Here are some of the new rates below:

Term length Deposit size Payment frequency Interest rate (% change)
3 months $5,000-under $1m End of term 4.55% p.a. (-0.10)
5 months $5,000-under $1m End of term 4.60% p.a. (-0.10)
6 months $5,000-under $1m End of term 4.45% p.a. (-0.10)
8 months $5,000-under $1m End of term 4.45% p.a. (-0.25)
9 months $5,000-under $1m End of term 4.40% p.a. (-0.05)
11 months $5,000-under $1m End of term 4.60% p.a. (-0.10)
1 year $5,000-under $1m End of term 4.35% p.a. (-0.10)

Great Southern Bank's rates are another 10 basis point lower for those seeking monthly interest payments.

The bank's Platinum Plus 55+ term deposit rates have also taken a hit this week.

The new best rate in that line up is 4.45% p.a. for a one-year term while the rate falls to 4.10% p.a. for a two-year term, both with interest paid end of term.

Other Platinum Plus rates are all under the 4% mark.

BCU Bank cuts six-month rates

BCU Bank has shaved 10 basis points off its six-month rates for a selection of its standard, regular income, and 55+ investments term deposit products.

The changes are outlined below:

Product/Term length Deposit size Payment frequency New rate (% change)
Regular Income - 6 months $1,000-under $1m Monthly 4.75% p.a. (-0.10)
Standard - 6 months $1,000-under $1m End of term 4.85% p.a. (-0.10)
55+ Investments - 6 months $5,000-under $1m Monthly 4.85% p.a. (-0.10)
55+ Investments - 6 months $5,000-under $1m Fortnightly 4.80% p.a. (-0.10)

BCU's current best rate is 4.90% p.a. for amounts between $1,000 and $1 million invested for a four-month term with interest paid at maturity.


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            Important Information and Comparison Rate Warning

            All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 8, 2024. View disclaimer.

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