NAB and ANZ change term deposit rates after RBA holds

By Cameron Thomson · · 2 min read
Fact Checked
Advertiser disclosure

After the Reserve Bank of Australia's (RBA) recent decision to hold rates amidst slowing inflation, NAB and ANZ have adjusted a few of their term deposit rates. This also comes when most economists (including those at the big banks) think that rate cuts are likely later this year. 

How did the two banks adjust term deposits?

NAB has cut rates for 6 months, 7 months, and 1 year term deposits downwards 20 basis points (6 and 7 month) and 10 basis points (1 year term). Meanwhile, ANZ increased its 8 month term deposit rate by 63 basis points while 20 basis points were cut from its 1 year rate.  

NAB
Term
Old Rate
New Rate
6 months
4.00% p.a. 
3.80% p.a. 
7 months
4.00% p.a.
 3.80% p.a.
1 year
4.90% p.a. 
4.80% p.a
ANZ
Term
Old Rate
New Rate
8 months
4.25% p.a.
4.88% p.a.
1 year
4.90% p.a. 
4.70% p.a.

Big banks weren’t the only ones cutting term deposit rates either. AMP cut several monthly and yearly terms. 1 year terms were cut 35 basis points from 5.10% p.a. to 4.75% p.a. while 2, 3, 4, and 5 year terms were cut from 45 basis points from 4.65% p.a. down to 4.20% p.a.

* 8 February Update - Westpac

Westpac has removed its 12-24 month term deposit and is now offering a 4.25% p.a. rate for the 1 year maximum. Westpac has now introduced an 11 month rate of 4.80% (4.70% + 0.10% online bonus) as the new special rate.

Westpac
Term
Old Rate
New Rate
(Term Deposit) 11 month
4.00% p.a.
4.70% p.a.
(Term Deposit Special) 8 month
-
4.78% p.a.

Impacts on savers 

Savers looking for low-risk investment options must now reassess the returns they can expect from term deposits. While term deposit rates are still relatively high, it seems more likely that current rates are temporary. 

If you’re looking to lock in a good term deposit interest rate now, then head over to our hub page and compare from up to 81 accounts on our database. Alternatively, you can check out our best term deposit page or some of the providers in the tables below. 

Term deposit comparisons on Mozo - last updated 2 May 2024

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure
  • Featured Product
    Term Deposit

    5.10% p.a.
    6 months

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  • Online Term Deposit

    5.00% p.a.
    7 months

    $5,000

    Yes up to $250,000

    No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.

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  • Mozo Expert Choice Badge
    Term Deposit

    5.00% p.a.
    1 year

    $1,000

    Yes up to $250,000

    Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)

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  • SMSF Term Deposit

    5.10% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.

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  • Term Deposit

    4.80% p.a.
    9 months

    $1,000

    Yes up to $250,000

    Enjoy the certainty of a fixed interest rate combined with the convenience of online banking to set up and manage your term deposit at maturity. You can start investing from as little as $1,000 or up to $5,000,000.

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  • Mozo Expert Choice Badge
    Term Deposit

    5.00% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)

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  • Featured Product
    Term Deposit

    5.10% p.a.
    1 year

    $1,000

    Yes up to $250,000

    Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.

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    Details

* Different interest rates apply to different amounts or different interest payment frequencies.

^See information about the Mozo Experts Choice Term Deposit Awards

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