Savings accounts and term deposit interest rate updates: March 2018
Term deposit rates appear to have slowly crept higher in March.
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 happened in March.
Savings account interest rate changes
The Big Four kept interest rates across their savings products unchanged in March. However, we saw several smaller lenders and credit unions lower their rates. Newcastle Permanent dropped the maximum variable interest rate on its Smart Saver account by 10 basis points from 2.60% to 2.50% p.a. Community First Credit Union also dropped the maximum variable rate on its Bonus Saver Account by 10 basis points down to 2.20% p.a.
On the other end of the scale, Bendigo Bank increased the maximum variable rate on its Community Saver Account by 25 basis points from 1.00% up to 1.25% p.a. Bank of Queensland increased the maximum variable rate on its WebSavings Account by 10 basis points up to a highly competitive 2.90% p.a., though this rate is for the first four months and for new customers only.
|Provider||Product||Previous max variable rate||Current max variable rate|
|Bank of Queensland||WebSavings Account||2.80%||2.90%|
|P&N Bank||Hi Saver Account||2.75%||2.85%|
|FCCS||Achieve Saver Account||2.51%||2.26%|
|Qudos Bank||General Savings Account (<$50,000)||0.05%||0.00%|
|Newcastle Permanent||Smart Saver Account||2.60%||2.50%|
|Community First Credit Union||Bonus Saver Account||2.30%||2.20%|
|Bendigo Bank||Community Saver Account||1.00%||1.25%|
|Suncorp||55 Plus Account (>$100,000)||2.40%||2.30%|
Term deposit interest rate changes
Compared to the last few months, we didn't see that many providers change their term deposit interest rates in March. And, refreshingly, a lot of the changes we did see were positive ones. Macquarie lifted the interest rate on its 12 month term deposit by 10 basis points from 2.40% up to 2.50%. ME Bank raised the interest rates on both its 12 month term deposit and 12 month business term deposit to 2.80% each, up from 2.75% and 2.70% respectively.
The Greater Bank dropped its 12 month term deposit rate by only 5 basis points from 2.85% to 2.80% which is still relatively competitive in today's low-rate environment.
|Provider||Product||Previous rate||Current rate|
|Macquarie Bank||Term Deposit (12 months)||2.40%||2.50%|
|Horizon Credit Union||Term Deposit (12 months)||2.40%||2.50%|
|Bank of Queensland||Premier Investment Term Deposit (12 months)||2.55%||2.70%|
|ME Bank||Term Deposit (12 months)||2.75%||2.80%|
|ME Bank||Business Term Deposit (12 months)||2.70%||2.80%|
|Maleny Credit Union||Term Deposit (12 months)||1.55%||1.50%|
|CUA||Term Deposit (12 months)||2.60%||2.55%|
|Greater Bank||Term Deposit (24 months)||2.85%||2.80%|
Make sure you check back in next month to see what happened in April. All of the 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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