Savings accounts and term deposit interest rate updates: January 2018
Finally, we saw several providers increase their term deposit interest rates in the first month of 2018.
With constant changes to the interest rates on savings accounts and term deposits, it can be hard to keep track of who is offering what. Here at finder.com.au, we keep a close eye on interest-rate movements so you don’t have to. Here’s what went down in January.
Savings account interest rate changes
January saw Westpac drop the maximum variable interest rate on its eSaver account by 10 basis points from 2.51% to 2.41% p.a. Rival NAB also dropped the rate on its iSaver by 10 basis points down to 1.90% p.a. Meanwhile CommBank dropped the maximum rate for its NetBank Saver from 2.55% p.a. to 2.51% p.a.
Suncorp lowered the rates on a number of its accounts in January. The bank dropped the maximum variable rate for its Business Saver Account by 10 basis points from 1.60% to 1.50% p.a., and reduced its eOptions savings Account and Everyday Options Savings Account by five basis points each, to 1.50% p.a. and 1.55% p.a. respectively. ME also snuck in an interest rate reduction on the last day of the month, dropping the maximum variable interest rate on its popular Online Savings account down to 2.85% from 2.95%.
| Provider | Product | Previous max variable rate | Current max variable rate |
|---|---|---|---|
| Suncorp | Business Saver Account | 1.60% | 1.50% |
| Suncorp | eOptions Savings Account | 1.55% | 1.50% |
| Suncorp | Everyday Options Savings Account | 1.60% | 1.55% |
| CommBank | NetBank Saver | 2.55% | 2.51% |
| Westpac | eSaver Account | 2.51% | 2.41% |
| BCU | Business iSaver | 1.75% | 1.60% |
| Bank of Sydney | SmartNet Account | 2.10% | 2.00% |
| NAB | iSaver | 2.00% | 1.90% |
| Macquarie | Platinum Transaction Account | 2.30% | 1.10% |
| Macquarie | Cash Management Account | 1.40% | 1.30% |
| ME | Online Savings Account | 2.95% | 2.85% |
Term deposit interest rate changes
Finally, January saw several providers actually increase the interest rates on their term deposits – a nice change from 2017 when almost every rate movement was down. AMP increased the fixed rate on its six month term deposit by 15 basis points from 2.25% to 2.40% p.a., and also its 12 month term deposit from 2.20% to 2.25% p.a. ING increased its SMSF term deposit interest rate by 15 basis points up to 2.70% p.a., and its 12 month term deposit to 2.85% up from 2.75% p.a.
| Provider | Product | Previous rate | Current rate |
|---|---|---|---|
| Greater Bank | Term Investment (12 months, under $50,000) | 2.80% | 2.50% |
| BankVic | Term Deposit (12 months, under $25,000) | 2.55% | 2.40% |
| BankVic | Term Deposit (12 months regular income) | 2.50% | 2.35% |
| AMP | Term Deposit (180 days) | 2.25% | 2.40% |
| AMP | Term Deposit (12 months) | 2.20% | 2.25% |
| ING | SMSF Term Deposit (12 months) | 2.55% | 2.70% |
| Bankwest | Online Term Deposit (12 months) | 2.65% | 2.60% |
| Beyond Bank | Term Deposit (1 year) | 2.50% | 2.40% |
| Police Bank | Term Deposit (12 months) | 2.85% | 2.70% |
| Australian Military Bank | Investment Plus Term deposit (12 months, under $50,000) | 2.55% | 2.45% |
| Australian Military Bank | Income Plus Term deposit (12 months) | 2.55% | 2.45% |
| Macquarie Bank | Term Deposit (12 months) | 2.30% | 2.40% |
| ING | Term Deposit (2 years) | 2.75% | 2.85% |
| Bendigo | Term Deposit (12 months, over $5000) | 2.35% | 2.30% |
| Heritage Bank | Term Deposit (180 days, over $5000) | 2.45% | 2.50% |
| Beyond Bank | Term Deposit (1 year) | 2.50% | 2.40% |
| Newcastle Permanent | Term Deposit (180 days, over $5000) | 2.50% | 2.40% |
Check back in next month to see what happened in February 2018. All above rates were correct at the time of publication.
Not happy with your rate? Instantly compare high interest savings accounts today:
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