Macquarie and AMP boosted rates last week, but their offerings remain below the likes of Heartland and Judo Bank.
If you're on the hunt for a high-rate term deposit, it might feel like now could be the time to pull the trigger, while rates like Judo's 5.15% p.a for six months are still available.
On the other hand, NAB's announcement on Thursday could be good news for those holding out hope that top rates will be boosted once more.
In response to labour force figures for October, NAB economists have officially revised the bank's forecast for the cash rate future – they're now predicting the first rate cut won't come until May 2025.
"The labour market has been stronger than expected and the RBA remains concerned about upside risks to inflation should gradual labour market cooling stall and capacity growth remain sluggish," NAB economist Tapas Strickland said.
Though, three of the big four banks still think cuts will come in February.
In any case, these were the term deposit rate changes in the week just past:
Gateway Bank hikes TD rates by up to 25 bps
Term length
Deposit size
Payment frequency
Interest rate (Change)
Nine months
≥$1,000
End of term
4.95% p.a (+0.25)
One year
≥$1,000
End of term
4.95% p.a (+0.20)
Gateway Bank fired for both nine-month and one-year terms this week, taking rates for both to 4.95% p.a.
That one year rate is just 0.10% away from that of market leader Heartland – its one year rate is still 5.05% p.a.
For nine months, Gateway is still 0.15% back from the top of the market – again Heartland, at 5.10% p.a.
Bank of Queensland cut rates up to 15 bps
Term length
Deposit size
Payment frequency
Interest rate (Change)
Four months
$5,000-$250,000
End of term
4.60% p.a (-0.15)
Six months
$5,000-$250,000
End of term
4.70% p.a (-0.05)
Other movers
ME Bank cut rates by up to 15 bps
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Looking for a fixed return investment? Here are some of the top term deposit rates on the Australian market:
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Denise Raward
Harry O'Sullivan
Staff Writers
Harrison Astbury
