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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If you're looking for somewhere to stash your cash, the table below has some of the most competitive term deposit rates on the market:
At Maturity $product[$field["value"]] $product[$field["value"]] $product[$field["value"]] 1000 $product[$field["value"]] $product[$field["value"]] More details SMSF 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"]] 1000 $product[$field["value"]] $product[$field["value"]] More details Term Deposits - 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 Term Deposit - 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
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Denise Raward
Harry O'Sullivan
Aaron Bell
William Jolly
