According to Reserve Bank data for June, the average 12 month term deposit interest rate was 0.70% p.a.
A lot of these banks are now beating this average by some margin.
AMP
On Friday AMP increased its 12 month rate by 20 basis points to 3.05% p.a.
Minimum deposit is $5,000 and interest is payable at the end of term.
There is a 5 basis point premium if savers deposit $25,000 or more, while there is a 10 basis point reduction if savers opt for interest payable semi-annually, and 15 or 25 if they opt for a quarterly or monthly payment.
ING
On Friday ING increased its 12 month rate by 25 basis points to 3.25% p.a.
Minimum deposit is $10,000 and interest is payable at the end of term.
Judo Bank
Judo Bank - one of the last genuine neobanks standing - increased 12 month term deposit rates by 10 basis points on Thursday.
Its 12 month rate for a minimum deposit of $1,000 and interest payable at end of term is now 3.45% p.a.
There is a 10 basis point reduction in the interest rate if savers opt for interest payable monthly.
Suncorp
On Thursday Suncorp increased rates on much of its term deposit products by between 30 and 55 basis points.
The 12 month rate was increased by 35 basis points to 2.65% p.a. with a minimum deposit of $5,000 and interest payable at end of term.
There is a 5 basis point premium if you deposit $10,000 or more.
This follows ANZ's planned acquisition of Suncorp Bank, subject to regulatory approval.
Macquarie
On Monday Macquarie made modest 10 basis point increases across much of its term deposit product range.
For example, the two year rate is now 3.40% p.a. for a minimum deposit of $5,000 with interest paid annually.
Curiously its 12 month rate was left out of this round of hikes.
Customer-owned banks on the move again
Once again customer-owned banks had their fingerprints all over term deposit rates, with Heritage, Teachers Mutual, and Beyond Bank some of the biggest movers.
Respectively, they are the second-, sixth- and eighth-largest customer owned banks in Australia.
Other customer-owned institutions to increase term deposit rates in the past week include: Summerland, Hume Bank, Horizon Bank, MOVE Bank, Community First, The Mutual, G&C Mutual, and Australian Mutual.
Heritage Bank
Heritage increased its 12 month term deposit rates by 45 basis points.
With a minimum deposit of $1,000 and interest payable at the end of term, the rate is now 2.50% p.a.
There is a 5 basis point reduction in the interest rate if opting for interest payable semi-annually, quarterly, or monthly.
Teachers Mutual
Teachers Mutual increased its 12 month rate by 125 basis points to 2.30% p.a.
Minimum deposit is $5,000 with interest payable monthly.
Subsidiary UniBank also made similar changes.
Beyond Bank
Beyond Bank increased its 12 month rate by 25 basis points to 2.45% p.a.
The minimum deposit is $2,000 and interest is payable at the end of term.
There is a 10 basis point reduction in the interest rate if savers opt for monthly interest payments.
Conversely, customers can receive a 5 basis point (2.50% p.a.) premium if they deposit at least $50,000.
Great Southern Bank manages to cut
The largest customer-owned bank in terms of assets held managed to reduce interest rates on a number of products.
For example its two year rate was reduced by 10 basis points to 3.30% p.a.
Minimum deposit is $5,000, with interest payable at the end of term.
There is a 10 basis point reduction if savers opt for interest payable monthly.
With that said, a number of shorter terms between 3 and 11 months were increased by up to 50 basis points.
Its 12 month terms were left out of this round's moves.
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