Savings accounts and term deposit interest rate updates: October 2017

Posted: 31 October 2017 12:14 pm

Aussie money 738

October saw even more cuts to St.George Group's Maxi Saver 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, we keep a close eye on interest-rate movements so you don’t have to. Here’s what went down in October.

Savings account interest rate changes

St.George Group cut the interest across its Maxi Saver Accounts by a further 20 basis points this month, bringing the maximum variable rate down to 2.60% p.a. This follows September's cut when the Group dropped the rate from 3.00% p.a down to 2.80% p.a. At the same time, the Group increased the maximum variable rate offered across its Incentive Savers by 15 basis points to 2.00% p.a. CommBank increased the maximum variable rate on its GoalSaver account by 35 basis points to 2.50% p.a. However, to achieve this rate you need to maintain a balance over $250,000.

Other than this, the majority of the movement was down. Credit Union SA was the most notable, dropping the maximum variable interest rate on its Netsave Account by 35 basis points from 2.75% p.a. to 2.40% p.a. This rate is an introductory rate for new customers for the first three months only. Hunter United Credit Union customers will be unimpressed to learn the bank dropped the rates across two of its savings products (XLR8 Savings Account and e-ZYNET Direct Account) by 10 basis points each. Maleny Credit Union also dropped the maximum variable rate on its E-Saver Account by 10 basis points, from 1.90% p.a. down to 1.80% p.a.

ProviderProductCurrent max variable ratePrevious max variable rate
CommBankGoalSaver (over $250k)2.50%2.15%
Hunter United Credit UnionXLR8 Savings Account (up to $250k)2.00%2.10%
Hunter United Credit Unione-ZYNET Direct Account (over $5k)1.30%1.40%
Credit Union SANetsave Account2.40%2.75%
Beyond BankmonEsaver ($5k - $200k)1.80%1.90%
Maleny Credit UnionE-Saver Account1.45%1.55%
Newcastle PermanentSmart Saver Account2.60%2.75%
St.GeorgeMaxi Saver2.60%2.80%
Bank of MelbourneMaxi Saver2.60%2.80%
Bank SAMaxi Saver2.60%2.80%
St.GeorgeIncentive Saver ($0-$100k)2.00%1.75%
Bank of MelbourneIncentive Saver ($0-$100k)2.00%1.75%
Bank SAIncentive Saver ($0-$100k)2.00%1.75%

Term deposit interest rate changes

ME Bank increased the rate on its one year term deposit by 10 basis points to 2.80% p.a and increased the rate on its Business Term deposit by 5 basis points to 2.75% p.a. While these rates are quite competitive in today's low-rate environment, they're still rather underwhelming considering you can earn a higher interest rate with a savings account and still have access to your money. ING and Westpac both dropped the interest rate on their one year terms by 5 basis points, while AMP dropped the rate on its one year term by 20 basis points down to 2.20% p.a.

ProviderProductCurrent ratePrevious rate
People's Choice Credit UnionTerm Investment (90 days)2.20%2.30%
ME BankBusiness Term Deposit (1 year)2.75%2.70%
ME BankTerm deposit (1 year)2.80%2.70%
Goldfields MoneyTerm Deposit (1 year)2.55%2.85%
WestpacTerm Deposit (1 year)2.30%2.35%
CommBankTerm Deposit (180 days)2.05%1.75%
Macquarie BankTerm Deposit (90 days)2.20%2.25%
INGTerm Deposit (1 years)2.55%2.60%
AMPTerm Deposit (1 year)2.20%2.40%
Bank of QueenslandPremier Investment (180 days)2.45%2.25%
RaboDirect Term DepositBusiness Term Deposit (4 years)3.15%3.00%
Greater BankTerm Investment (1 year)2.65%2.45%
P&N BankTerm Deposits (180 days)1.75%1.80%
UnibankMember Term Deposit (1 year)2.65%2.75%
Credit Union SATerm Investment (2 years)2.70%2.80%
Heritage BankTerm Deposit (1 year)2.55%2.65%
QBankTerm Deposit (2 years)2.90%2.85%
BCUTerm Deposit (1 year)2.45%2.40%
FirstmacTerm Deposit (1 year)2.55%2.71%

All above rates were correct at the time of publication.

Instantly compare high interest savings accounts today:

Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee
AMP Saver Account - 1.35% from 1 Feb 2022
Westpac Life (18-29 year olds only)
Virgin Money Boost Saver (25+ year olds)
MyState Bank Bonus Saver Account
Virgin Money Boost Saver (18-24 year olds)
Virgin Money Grow Saver
Westpac Life

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