ANZ cuts term deposit rates as G&C Mutual and Judo up 2-year terms

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Big bank ANZ reduced several term deposit rates last month, with the biggest drop being 60bp (0.60%) on its 4-month term rate, as per Mozo data.  

Following suit, ANZ’s 2-year term deposit also took a 50bp (0.50%) reduction, along with the 1-year rate, which got a smaller 5bp (0.05%) reduction. 

ANZ’s Advance Notice 1-year Term Deposit is now at an above average 4.80% rate. Currently the average term deposit rate in Australia for a 1-year term is 4.57%. 

On the 2-year term option, the average rate is sitting at 4.15% while the 2-year ANZ equivalent is now well below this at 4.00%. 

In the grand scheme of things, these rate cuts have put ANZ in the middle of the pack of term deposit providers.

Smaller banks make a move against the Big 4

G&C Mutual Bank and Judo Bank also made some changes to their rates last month but to the benefit of savers. They now take top spot in the Mozo database with some of the best available rates at the moment. 

Both G&C Mutual Bank and Judo Bank are sitting at a 5.25% rate for their 2-year term deposits, which is quite competitive. 

But how much does a 1.25% rate difference impact your savings over 2 years? Well, if you had a $30,000 2-year term deposit with ANZ at their current 4.00% rate, you would earn a total interest of $2,400. 

However, if you held your $30,000 2-year term deposit with G&C Mutual Bank or Judo Bank at their 5.25% interest rate, you would earn $3,150 in interest - making you $750 richer with this choice. 

Shopping around for a better rate might seem like a chore, but it can be simple and add a nice little boost to those savings. 

If you are curious where to find top performing term deposits, check out our editors picks for best term deposits, or compare term deposit providers below. 

Compare Term Deposits - last updated 26 February 2024

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