The term deposit market has seen a wide range of rate changes following the increase in the Reserve Bank of Australia cash rate earlier this month.
The following changes have been made to
term deposits, with more expected in the near future:
BankWest increased its 90 day term deposit rate by 205 basis points to 4.25% and Adelaide Bank put its 90-day rate up 190 basis points to 4.3%.
Suncorp made increases to its 3 year term deposit from 6.75% to 6.85%, as well as increasing rates paid on its 180 day term deposit by 80 basis points to 4.9%. Meanwhile, Bank of Cyprus put its 180 day rate up 70 basis points to 5.2%.
BankWest made increases to its 1 year term deposit rate by 184 basis points to 5.35%, and its 2 year term deposit rate up by 150 basis points to 5%, while Commonwealth Bank also increased its 1 year term deposit rate by 85 basis points to 5.35% and its two-year rate up 80 basis points to 5.8.
Written by Sam Gooch
