Savings account and term deposit interest rate updates: March 2017

Posted: 31 March 2017 1:42 pm

interest rate roundup 738

The RBA cash rate has remained on hold in March, but interest rates certainly haven’t.

With constant changes to savings accounts, term deposits and transaction account interest rates, it can be hard to keep track of who is offering what. Here’s what went down in March.

Savings accounts interest rate changes

ANZ is the only bank of the big four to change its savings account interest rates in March, dropping the maximum bonus interest on its Online Saver account by 10 basis points from 2.65% to 2.55%. The bank also dropped the maximum variable rate on its Progress saver account from 1.91% to 1.81% however the conditions stay the same - that is, customers need to deposit at least $10 and make no withdrawals in the month to achieve this rate.

There wasn’t much additional interest rate movement across the board for savings accounts in March, which is neither a good or bad thing. The maximum variable rate on MOVE’s Express saver dropped by 25 basis points from 2.65% to 2.40%, and Maleny credit union reduced the variable rate on it’s E-Saver account from 1.65% to 1.55%.

Transaction accounts largely remained the same. ANZ made up for the reduced interest rates on its saving accounts by introducing a new transaction account offer: new customers who open an ANZ Access Advantage account before 30th April and use their Visa Debit card three times before the 4th June will receive a $100 voucher courtesy of the bank.

ME reduced the foreign transaction fee on its Everyday Transaction account by 20 basis points from 2.50% to 2.30%, meaning customers will now pay less on overseas purchases.

Below is a table of the interest rate changes for savings accounts in March 2017 - correct as of 31 March.

ProviderProductCurrent maximum variable ratePrevious maximum variable rate
MOVEExpress saver2.40%2.65%
Bank VICS8 Bonus Saver2.40%2.42%
Victoria Teachers MutualBonus Saver Account2.30%2.25%
ANZOnline Saver2.55%2.65%
ANZOnline Saver (base interest rate)1.15%1.25%
ANZProgress saver1.81%1.91%
Maleny Credit UnionE-Saver Account1.55%1.65%

Term deposit interest rate changes

Term deposit accounts saw much more movement throughout March - and not all good. Macquarie Bank reduced the interest rate on it’s 180 day term deposit from 2.45% to 2.35%, after already dropping the rate from 2.50% in February. Bank of Queensland dropped the interest rate on its Premier Investment three year term deposit account by 20 basis points to 3.00%, and Bendigo Bank reduced its one year term deposit rate from 2.50% to 2.40%.

There were some positives for term deposits in the month; Greater Bank raised its one year term deposit rate by a huge 30 basis points from 2.50% to 2.80% on balances over $5,000, and Victoria Teachers Mutual raised its one year term deposit interest rate from 2.60% to 2.65%.

Below is a table of the interest rate changes for term deposit accounts in March 2017 - correct as of 31 March.

ProviderTerm deposit productCurrent fixed ratePrevious fixed rate
Victoria Teachers MutualTerm Deposit (1 year)2.65%2.60%
Macquarie BankTerm Deposit (180 days)2.35%2.45%
Rural Bank ONEOnline Personal Term Deposit (1 year)2.65%2.70%
Rural Bank ONEOnline Business Term Deposit (1 year)2.65%2.70%
Rural Bank ONEDIY Super Term Deposit (1 year)2.65%2.70%
Rural BankTerm Deposit (1 year)2.50%2.55%
People's Choice Credit UnionTerm Investment (1 year)2.70%2.80%
Bendigo BankTerm Deposit (1 year)2.40%2.50%
Service One Alliance BankTerm Deposit (1 year)2.40%2.50%
Delphi BankTerm Deposit (1 year)1.90%2.00%
Greater BankTerm Investment (1 year)2.80%2.50%
Beyond BankTerm Deposit (1 year)2.50%2.60%
Heritage BankTerm deposit (90 days)2.55%2.60%
Bank of QueenslandPremier Investment term deposit (3 year)3.00%3.20%

Be sure to keep an eye out for’s April interest rate roundup at the end of the month.

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