Home News Heartland Bank leads latest term deposit rate changes

Heartland Bank leads latest term deposit rate changes

The biggest news in the term deposit space this week was of Heartland Bank's fresh market leading returns, while RaboBank and MyState also made moves.

By Harry O'Sullivan

First published on 29 Nov 2024

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Heartland Bank leads latest term deposit rate changes

After a relatively quiet few weeks in the term deposit market, Heartland made a big statement to close out spring with these latest hikes.

Interestingly, both Heartland and RaboBank decided to boost longer term rates (nine months or more), despite most analysts expecting the RBA to have began a rate cutting cycle by winter 2025.

Elsewhere, activity remains mostly subdued, although several smaller providers also tweaked rates this week.

Over the coming months, the TD market will likely vary amid a changing outlook for the cash rate.

Westpac and NAB economists both expect rates will remain at 4.35% until May next year, while CommBank and ANZ still say February is the likeliest start date for the loosening cycle.

The final monetary policy meeting of 2024 appears to be a foregone conclusion – the ASX RBA Rate Tracker suggests a 94% likelihood the central bank will hold as at 27 November.

These were the major term deposit rate changes in the week ending 29 November.

Heartland Bank hike rates by up to 10 bps

Term length	Deposit size	Payment frequency	New rate (Change)
Three months	$25,000-$1,000,000	End of term	4.95% p.a. (+0.10)
Six months	$25,000-$1,000,000	End of term	5.09% p.a. (+0.05)
Nine months	$25,000-$1,000,000	End of term	5.15% p.a. (+0.05)
One year	$25,000-$1,000,000	End of term	5.10% p.a. (+0.05)
Two years	$25,000-$1,000,000	End of term	4.70% p.a. (+0.10)

Heartland's new nine month rate – 5.15% p.a. – is the joint highest TD rate available on the whole market.

Only Judo, with the same return on six month terms, can match it.

Additionally, Heartland Bank is now the market leader for nine month and one year terms, offering 5.15% p.a. and 5.10% p.a. respectively.

Rabobank hiked by up to 0.20%

Term length	Deposit size	Payment frequency	New rate (Change)
Nine months	$1,000-$2,000,000	End of term	4.80% p.a (+0.10)
One year	$1,000-$2,000,000	End of term	4.75% p.a (+0.20)
Two years	$1,000-$2,000,000	End of term	4.20% p.a (+0.20)

Rabobank also boosted longer term TD rates this week, with hikes of up to 20 bps on terms of nine months and longer.

These rates remain well below those offered by the likes of Heartland and Judo, but Rabobank has some appealing returns for savers elsewhere.

Its High Interest savings account currently has an introductory rate of 5.60% p.a. for the first four months, while its Premium Saver has a maximum (conditional) ongoing rate of 5.35% p.a.

AMP hiked by up to 20 bps

Term length	Deposit size	Payment frequency	New rate (Change)
Three months	$25,000-$10,000,000	End of term	4.90% p.a (+0.20)
Six months	$25,000-$10,000,000	End of term	4.95% p.a (+0.05)
Nine months	$25,000-$10,000,000	End of term	4.85% p.a. (+0.05)

These products are also available for deposits smaller than $25,000 - albeit for a 0.05% discount.

Other movers

Australian Military Bank cut rates by up to 10 bps
Illawarra Credit Union boosted three, four, and five month TD rates by up to 30 bps

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Looking for a fixed income investment? Below are some of the top term deposits available on the Australian market

Deposit amount

Compare

Provider	Interest rate	Interest frequency	Term	Automatic Rollover	Maturity Alert	Early Withdrawal Available	Minimum Deposit	Joint Application	Online Application	as ofNovember 29, 2024

	4.70^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposits ($5,000 - $500,000) - 6 months
Term Deposits ($5,000 - $500,000) - 6 months More details
	4.90^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000	$product[$field["value"]]	$product[$field["value"]]	More details
	Stow it Term Deposit - 6 months
Stow it Term Deposit - 6 months More details
	4.95^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000	$product[$field["value"]]	$product[$field["value"]]	More details
	Fixed Term Deposit - 6 months
Fixed Term Deposit - 6 months More details
	4.50^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 6 months
Term Deposit - 6 months More details
	4.90^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000	$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposits - 6 months
Term Deposits - 6 months More details
	5.15^%_p.a.	At Maturity	6_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Personal Term Deposits - 6 months Competitive interest rates on all term lengths Deposits covered up to $250,000 under Government’s Financial Claims Scheme Loyalty bonus at renewal
Disclosure
FEATURED Personal Term Deposits - 6 months Competitive interest rates on all term lengths Deposits covered up to $250,000 under Government’s Financial Claims Scheme Loyalty bonus at renewal More details Disclosure

Personal Term Deposits - 6 months

Product Features

Competitive interest rates on all term lengths
Deposits covered up to $250,000 under Government’s Financial Claims Scheme
Loyalty bonus at renewal

Minimum deposit$1,000

5.15%Interest rate p.a.

6Term

More details

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Harry O'Sullivan

Harry joined Savings in November 2022. With a degree in economics from the University of Queensland, Harry is interested in topics such as inflation and GDP, and is passionate about keeping Australians informed on the external factors that impact their personal finances.

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Heartland Bank leads latest term deposit rate changes

Heartland Bank hike rates by up to 10 bps

Rabobank hiked by up to 0.20%

AMP hiked by up to 20 bps

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