Term Deposit Changes

Snapshot date 20260123 · 23 Jan 2026

Generated 2026-01-23 03:14:15.114681+00:00

Current term deposit rates · Previous Changes

AI Summary

Published summary for 20260123

Here is the comparison of the term deposit datasets.

Rate Increases

  • Australian Military Bank: Significant increases across short-to-medium terms, including 3 Months (+1.15%), 9 Months (+0.85%), and 12 Months (+0.70%).
  • Rabobank: Broad and substantial increases across the entire curve, from 3 Months (+0.20%) to 5 Years (+0.55%), with a notable rise in the 3 Year term (+0.75%).
  • Suncorp Bank: Major increase for the 12 Months term (+0.85%) and solid increases for 6 Months (+0.15%) and 18 Months (+0.35%).
  • Macquarie Bank: Strong increases in medium terms, including 1 Year (+0.70%), 9 Months (+0.60%), and 6 Months (+0.55%).
  • Judo Bank: Increased its 1 Year term rate (+0.65%).
  • P&N Bank: Large increases across multiple terms, especially 5 Months (+1.05%), 6 Months (+0.55%), and 12 Months (+0.55%).
  • ANZ: Increased its 8 Month term rate (+0.45%).
  • Bankwest: Raised rates on medium-to-long terms, including 24 Months (+0.50%) and 12 Months (+0.45%).
  • Newcastle Permanent: Increased rates for its ~12 Month term (+0.45%) and ~6 Month term (+0.10%).
  • IMB Bank: Raised rates on its special offers for 12 Months (+0.40%) and 6 Months (+0.30%).
  • Regional Australia Bank: Lifted rates by a uniform +0.30% across multiple longer terms (12, 18, 24, and 36 Months).
  • RACQ Bank: Increased its 6 Month term rate (+0.30%).
  • Heartland Bank: Lifted rates for 9 Months (+0.25%) and 12 Months (+0.25%).
  • MOVE Bank: Increased rates for 9 Months (+0.25%) and 12 Months (+0.30%).
  • NAB: Increased rates for several terms, including 3 Months (+0.25%) and 12 Months (+0.25%).
  • Bank of us: Lifted rates on several terms, including 9 Months (+0.25%) and 6 Months (+0.20%).
  • ME Bank: Increased its 6 Month term rate (+0.15%).

Rate Decreases

  • Unity Bank (Australia): Significant decreases across most terms, including 6 Months (-0.65%), 9 Months (-0.55%), and 12 Months (-0.45%).
  • Bankwest: Decreased its 3 Month term rate (-0.40%).
  • NAB: Decreased its 6 Month term rate (-0.25%).
  • Bank of us: Minor decrease on its 3 Month term (-0.10%).

Macro Signals

  • Widespread Upward Trend: The overwhelming majority of banks have increased term deposit rates, indicating a sector-wide response to funding conditions rather than isolated institutional needs.
  • Aggressive Competition for Funding: The magnitude of the increases, with many exceeding 50 basis points, points to heightened competition among banks to attract and lock in retail deposits. This is particularly evident in the 6-month to 2-year range.
  • Expectations of Higher Funding Costs: The broad-based nature of the rate hikes suggests banks may be anticipating higher wholesale funding costs or a more restrictive monetary policy environment, consistent with strong employment data. They are acting preemptively to secure their funding base.
  • Yield Curve Flattening/Inversion: Several banks (e.g., Rabobank, Macquarie, P&N Bank) are now offering higher or comparable rates for shorter terms (6-12 months) than for longer terms (2-3 years), suggesting an expectation that interest rates may be near their peak for this cycle. Unity Bank's significant cuts are a notable outlier to the general market trend.