The top rate for a 12-month term deposit has cracked 3 per cent, after being stuck at 2.8 per cent for months. With rates going up by as much as 44 basis points, it is a good time for savers to do some rate shopping.
Teachers Mutual Bank and its subsidiary UniBank added 20 bps to their 12-month term deposits, making it the top offer in the market for that term.
Previously the top rate for a 12-month term was 2.8 per cent, available from Bank of Sydney and ME.
According to the Mozo Banking Roundup increases in TD rates outnumbered cuts in July.
Among other deposit takers increasing their rates, Bank Australia raised its 12-month rate by 40 bps to 2.85 per cent, its two-year rate by 30 bps to 2.95 per cent and its three-year rate by 25 bps to 3 per cent. Each of these adjustments puts the rates in the top five for the term.
G&C Mutual Bank added five to 25 bps to its long-term rates. The bank’s three-year rate is 2.9 per cent.
Macquarie increased a number of rates by up to 15 bps. It is offering 2.6 per cent for terms of six, nine and 12 months.
The best rates for terms under 12 months are Bank of Sydney’s offer of 2.85 per cent for seven months and ME’s offer of 2.85 per cent for seven and nine months.
For 12 months, Teachers Mutual Bank and UniBank are offering 3 per cent.
For two years, Greater Bank, ING and Maitland Mutual are all offering 3 per cent.
For three years, Greater Bank and Maitland Mutual are offering 3.05 per cent.
RaboDirect is offering the top rates for four and five years: 3.3 per cent for four years and 3.5 per cent for five years.
Among the big banks, ANZ is offering 2.7 per cent for four months, Commonwealth Bank is offering 2.5 per cent for five months. NAB is offering 2.6 per cent for 10 months and Westpac is offering 2.5 per cent for seven months.
For 12 months, ANZ is offering 2.3 per cent, CBA 2.2 per cent, NAB 2.4 per cent and Westpac 2.3 per cent.
For two years, ANZ is offering 2.6 per cent, CBA 2.6 per cent, NAB 2.6 per cent and Westpac 2.4 per cent.