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Savings accounts and term deposit interest rate updates: March 2018

Posted: 4 April 2018 10:01 am
News

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.

ProviderProductPrevious max variable rateCurrent max variable rate
Bank of QueenslandWebSavings Account2.80%2.90%
P&N BankHi Saver Account2.75%2.85%
FCCSiSaver Account2.41%2.26%
FCCSAchieve Saver Account2.51%2.26%
Qudos BankGeneral Savings Account (<$50,000)0.05%0.00%
Newcastle PermanentSmart Saver Account2.60%2.50%
Community First Credit UnionBonus Saver Account2.30%2.20%
Bendigo BankCommunity Saver Account1.00%1.25%
Suncorp55 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.

ProviderProductPrevious rateCurrent rate
Macquarie BankTerm Deposit (12 months)2.40%2.50%
Horizon Credit UnionTerm Deposit (12 months)2.40%2.50%
Bank of QueenslandPremier Investment Term Deposit (12 months)2.55%2.70%
ME BankTerm Deposit (12 months)2.75%2.80%
ME BankBusiness Term Deposit (12 months)2.70%2.80%
Maleny Credit UnionTerm Deposit (12 months)1.55%1.50%
CUATerm Deposit (12 months)2.60%2.55%
Greater BankTerm 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:

Data indicated here is updated regularly
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Interest Earned
Westpac Life (18-29 year olds only)
3%
0.4%
2.6%
$0
Under 30? You can earn an ongoing, variable 3% p.a. each month you grow your balance (excluding interest earned) and make 5+ transactions from your linked Westpac Choice transaction account. This bonus rate offer is available on balances up to $30,000 for customers aged 18-29.
Westpac Life (18-29 year olds only)
0.85%
0.4%
0.45%
$0
Under 30? You can earn an ongoing, variable 0.85% p.a. each month you grow your balance (excluding interest earned) and make 5+ transactions from your linked Westpac Choice transaction account. This bonus rate offer is available on balances up to $30,000 for customers aged 18-29.
MyState Bank Bonus Saver Account
1.65%
0.15%
1.5%
$0
Ongoing, variable 1.65% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.
Citibank Online Saver
1.55%
0.35%
1.2%
$0
Introductory rate of 1.55% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.
Citibank Online Saver
0.35%
0.35%
0%
$0
Introductory rate of 0.35% p.a. for months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.
Westpac Life
0.85%
0.4%
0.45%
$0
Ongoing, variable 0.85% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.
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