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.
Advertisement
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
Image by Sasun Bughdaryan on Unsplash
Denise Raward
Harry O'Sullivan
Aaron Bell
