Savings accounts and term deposit interest rate updates: May 2018
Following April's upward trend, term deposit rates continued to climb higher throughout May.
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 May.
Savings account interest rate changes
AMP increased the maximum variable interest rate on its personal Notice Account by 15 basis points and increased the rate on its Notice Account for financial institutions by a significant 30 basis points.
Other than this, most of the movement in savings account rates was down. The biggest change was by Queenslanders Credit Union which dropped the maximum variable interest rate on its Online Saver account by 60 basis points, from 2.30% p.a. down to 1.70% p.a.
| Provider | Product | Previous max variable rate | Current max variable rate |
|---|---|---|---|
| AMP | Notice Account (excl. financial institutions) | 2.15% | 2.30% |
| AMP | Notice Account (financial institutions) | 1.80% | 2.10% |
| Newcastle Permanent | Smart Saver Account | 2.50% | 2.40% |
| Queenslanders Credit Union | Online Saver Account | 2.30% | 1.70% |
| Bank of Queensland | Pension Plus Account | 2.00% | 1.80% |
| Suncorp | Everyday Options Sub Account | 1.55% | 1.50% |
Term deposit 12-month interest rate changes
In April, we saw a trend emerge with many providers lifting their term deposit rates, which has continued throughout May. Suncorp made the biggest jump, lifting the fixed interest rate on its 12-month term deposit by 25 basis points from 2.35% p.a. to 2.60% p.a. RaboDirect increased the rate on its 12-month term deposit by 10 basis points as did MyState, The Rock Building Society, AMP and Hume Bank.
One of the only banks to drop the interest rate on its term deposit was ANZ, which dropped the fixed interest rate offered on its 12-month term deposit from 1.60% p.a. down to 1.50% p.a.
| Provider | Previous max variable rate | Current max variable rate | |
|---|---|---|---|
| Arab Bank Australia | Term deposit (12 months) | 2.55% | 2.65% |
| Suncorp | Term deposit (12 months) | 2.35% | 2.60% |
| ANZ | Term deposit (12 months) | 1.60% | 1.50% |
| RaboDirect | Online term deposit (12 months) | 2.40% | 2.50% |
| MyState | Term deposit (12 months) | 2.60% | 2.70% |
| The Rock | Term deposit (12 months) | 2.60% | 2.70% |
| CUA | Term deposit (12 months) | 2.60% | 2.65% |
| Qbank | Term deposit (12 months) | 2.65% | 2.70% |
| Macquarie Bank | Term deposit (12 months) | 2.50% | 2.55% |
| AMP | Term deposit (12 months) | 2.45% | 2.55% |
| Bankwest | Online term deposit (12 months) | 2.60% | 2.65% |
| Bankwest | Gold term deposit (12 months) | 2.60% | 2.65% |
| Bankwest | Business term deposit direct (12 months) | 2.60% | 2.65% |
| Hume Bank | Term deposit (12 months) | 2.20% | 2.30% |
| Bank of Sydney | Online term deposit (12 months) | 2.75% | 2.80% |
Check out our April 2018 interest rate round-up to see what changes were made last month, and don't forget to check in next month for all the changes made in June.
Not happy with your rate? Instantly compare high interest savings accounts today:
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