Savings accounts and term deposit interest rate updates: November 2017
November saw lots of interest rate cuts to retirement, business and pension accounts.
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 November.
Savings account interest rate changes
In November we saw many providers lower the maximum variable interest rates on various retirement and pension accounts. ANZ dropped the variable interest rate on its Pensioner Advantage Account by 30 basis points to 1.70% p.a., and Westpac dropped the rate on its 55+ and Retired Account by just as much. St.George and Bank SA, both owned by Westpac Group, dropped the variable interest rate on their Retirement Access Plus Accounts by the same amount also, bringing the rate down to 1.70% p.a.
Many providers also lowered rates for their business products this month. Suncorp dropped the variable rate on its Business Saver by 5 basis points, CommBank lowered the interest rate on its Business Online Saver by 10 basis points and ING dropped the maximum variable rate on its Business Optimiser by 20 basis points.
| Provider | Product | Previous max variable rate | Current max variable rate |
|---|---|---|---|
| Suncorp | Kids Savings Account | 2.75% | 2.60% |
| ANZ | Pensioner Advantage Account | 2.00% | 1.70% |
| Suncorp | eOptions Account | 1.60% | 1.55% |
| Suncorp | Business Saver Account | 1.65% | 1.60% |
| Westpac | 55+ and Retired Account | 2.00% | 1.70% |
| CommBank | Business Online Saver | 0.60% | 0.50% |
| St.George | Retirement Access Plus Account | 2.00% | 1.70% |
| BankSA | Retirement Access Plus Account | 2.00% | 1.70% |
| Bendigo Bank | Easy Retirement Account | 2.00% | 1.70% |
| Rural Bank | Online Saver Account | 1.80% | 1.70% |
| Hume Bank | Retirement Account | 2.50% | 2.25% |
| Newcastle Permanent | Smart Saver Account | 2.75% | 2.60% |
| Bank of Melbourne | Incentive Saver (under $100,000) | 2.30% | 2.00% |
| BankSA | Incentive Saver (under $100,000) | 2.30% | 2.00% |
| St.George | Incentive Saver (under $100,000) | 2.30% | 2.00% |
| ING | Business Optimiser | 2.40% | 2.20% |
Term deposit interest rate changes
Unsurprisingly in this low-rate environment, November saw further cuts to term deposit interest rates. Greater Bank dropped the fixed interest rate on its 12-month Term Deposit by 15 basis points down to 2.50%. ANZ lowered the rate on both its Term Deposit and Advanced Notice Term deposit by 10 basis points, as did RACQ Bank for its 12-month Term Deposit. Interestingly, Bankwest actually increased the interest rate on three of its term deposit accounts from 2.55% to 2.65% p.a.
| Provider | Product | Previous rate | Current rate |
|---|---|---|---|
| Community First | Term Deposit 12 months | 2.50% | 2.40% |
| Adelaide Bank | Money Market Term deposit 12 months | 2.55% | 2.52% |
| Greater Bank | Term Deposit 12 months | 2.65% | 2.50% |
| Delphi Bank | Term Deposit 12 months | 2.00% | 1.95% |
| ANZ | Term Deposit 12 months | 1.80% | 1.70% |
| ANZ | Advance Notice Term Deposit 12 months | 2.40% | 2.30% |
| RACQ Bank | Term Deposit 12 months | 2.70% | 2.60% |
| Victoria Teachers Mutual | Term Deposit 12 months (over $50,000) | 2.70% | 2.60% |
| Bankwest | Gold Term Deposit 12 months | 2.55% | 2.65% |
| Bankwest | Online Term Deposit 12 months | 2.55% | 2.65% |
| Bankwest | Business Term Deposit 12 months | 2.55% | 2.65% |
| Firstmac | Term Deposit 12 months | 2.71% | 2.55% |
Curious to see what happened in October 2017? Check out our October round-up for all the interest rate changes across savings accounts and term deposits, and check back next month to find out what happened in December. All above rates were correct at the time of publication.
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