Banks altering term deposit rates

Peter Terlato 13 February 2017

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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-dayN/AN/A2.05%2.10%
180-day2.25%2.30%2.15%2.20%
1 year2.55%2.60%2.45%2.50%
2 year3.05%3.10%2.95%3.00%
3 year3.15%3.20%3.05%3.10%
4 year2.75%2.80%2.65%2.70%
5 year2.90%2.95%2.80%2.85%
Rate for selected term2.55%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 rateNew rate
Bankwest Business TD Direct 90-day2.50%2.45%
Bankwest Business TD Direct 180-day2.70%2.65%
Bankwest Online Term Deposit 90-day2.50%2.45%
Bankwest Online Term Deposit 180-day2.70%2.65%
Bankwest Gold Term Deposit 90-day2.50%2.45%
Bankwest Gold Term Deposit 180-day2.30%2.00%
Bankwest 1 year2.70%2.65%
Bankwest rate for selected term2.70%2.65%
NAB 1-year3.10%2.60%
NAB 2-year3.20%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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