NAB and ANZ change term deposit rates after RBA holds
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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
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Term Deposit
5.00% p.a.
6 months$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.
CompareCompareTerm Deposit
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.
- interest rate
- 4.90% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read reviews and learn more about Judo Bank term deposits
-
Term Deposit
4.90% p.a.
4 months$5,000
Yes up to $250,000
Grow your hard-earned savings with a P&N Bank Money Maker Term Deposit. Enjoy competitive, guaranteed fixed term rates. Interest paid at maturity for terms between 2 and 12 months. Interest rates may vary depending on the terms you select. Minimum amount of $5,000. Maximum amount of $1 million.
CompareCompareTerm Deposit
Grow your hard-earned savings with a P&N Bank Money Maker Term Deposit. Enjoy competitive, guaranteed fixed term rates. Interest paid at maturity for terms between 2 and 12 months. Interest rates may vary depending on the terms you select. Minimum amount of $5,000. Maximum amount of $1 million.
- interest rate
- 3.80% p.a.
- Minimum deposit
- $5,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $5,000.00
- Maximum deposit
- $1,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read reviews and learn more about P&N Bank term deposits
-
Term Deposit
4.00% p.a.
6 months$5,000
Yes up to $250,000
CompareCompareTerm Deposit
- interest rate
- 4.50% p.a.
- Minimum deposit
- $0.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $0.00
- Maximum deposit
- $5,000,000.00
- Can interest be paid to another bank?
- no
- Automatic rollover
- yes
Read reviews and learn more about Bendigo Bank term deposits
-
Term Deposit
5.15% p.a.
9 months$25,000
Yes up to $250,000
Enjoy flexible terms starting from 31 days up to 5 years with a Heartland Bank Term Deposit. Get your interest paid monthly (on selected terms). Your savings are protected by the Government guarantee. Minimum deposit amount of $25,000 up to $1,000,000.
CompareCompareTerm Deposit
Enjoy flexible terms starting from 31 days up to 5 years with a Heartland Bank Term Deposit. Get your interest paid monthly (on selected terms). Your savings are protected by the Government guarantee. Minimum deposit amount of $25,000 up to $1,000,000.
- interest rate
- 5.10% p.a.
- Minimum deposit
- $25,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $25,000.00
- Maximum deposit
- $1,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read reviews and learn more about Heartland Bank term deposits
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* 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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