Banks altering term deposit rates
Modest revision of savings investment interest rates.
A number of Australian banks have adjusted their term deposit interest rates after the RBA stayed the course last week, leaving the cash rate on hold at 1.50%. St.George Bank and Westpac increased rates on a number of their term deposit accounts, while National Australia Bank (NAB) and Bankwest lowered interest on some of their products. St.George raised rates on selected term, 180-day, one, two, three, four and five year accounts by 0.05%. Similarly, Westpac boosted selected term, 90-day, 180-day, one, two, three, four and five year products.
| St.George (original) | St. George (new) | Westpac (original) | Westpac (new) | |
|---|---|---|---|---|
| 90-day | N/A | N/A | 2.05% | 2.10% |
| 180-day | 2.25% | 2.30% | 2.15% | 2.20% |
| 1 year | 2.55% | 2.60% | 2.45% | 2.50% |
| 2 year | 3.05% | 3.10% | 2.95% | 3.00% |
| 3 year | 3.15% | 3.20% | 3.05% | 3.10% |
| 4 year | 2.75% | 2.80% | 2.65% | 2.70% |
| 5 year | 2.90% | 2.95% | 2.80% | 2.85% |
| Rate for selected term | 2.55% | 2.60% | 2.45% | 2.50% |
Alternatively, Bankwest reduced rates on some of its business, online and gold term deposit accounts by 0.05% each, while the bank's 180-day Gold term deposit rate was reduced by 0.30%. NAB dropped interest rates on its two and three-year term deposit accounts by 0.50% each.
| Original rate | New rate | |
|---|---|---|
| Bankwest Business TD Direct 90-day | 2.50% | 2.45% |
| Bankwest Business TD Direct 180-day | 2.70% | 2.65% |
| Bankwest Online Term Deposit 90-day | 2.50% | 2.45% |
| Bankwest Online Term Deposit 180-day | 2.70% | 2.65% |
| Bankwest Gold Term Deposit 90-day | 2.50% | 2.45% |
| Bankwest Gold Term Deposit 180-day | 2.30% | 2.00% |
| Bankwest 1 year | 2.70% | 2.65% |
| Bankwest rate for selected term | 2.70% | 2.65% |
| NAB 1-year | 3.10% | 2.60% |
| NAB 2-year | 3.20% | 2.70% |
The latest research shows millennials will need to save more than other generations in order to live comfortably, while superannuation will play a vital role in their financial future. Take advantage of increased rates by comparing a wide range of term deposit accounts.
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