Savings accounts and term deposit interest rate updates: October 2017

Alison Banney 31 October 2017 NEWS

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.

Provider Product Current max variable rate Previous max variable rate
CommBank GoalSaver (over $250k) 2.50% 2.15%
Hunter United Credit Union XLR8 Savings Account (up to $250k) 2.00% 2.10%
Hunter United Credit Union e-ZYNET Direct Account (over $5k) 1.30% 1.40%
Credit Union SA Netsave Account 2.40% 2.75%
Beyond Bank monEsaver ($5k - $200k) 1.80% 1.90%
Maleny Credit Union E-Saver Account 1.45% 1.55%
Newcastle Permanent Smart Saver Account 2.60% 2.75%
St.George Maxi Saver 2.60% 2.80%
Bank of Melbourne Maxi Saver 2.60% 2.80%
Bank SA Maxi Saver 2.60% 2.80%
St.George Incentive Saver ($0-$100k) 2.00% 1.75%
Bank of Melbourne Incentive Saver ($0-$100k) 2.00% 1.75%
Bank SA Incentive 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.

Provider Product Current rate Previous rate
People's Choice Credit Union Term Investment (90 days) 2.20% 2.30%
ME Bank Business Term Deposit (1 year) 2.75% 2.70%
ME Bank Term deposit (1 year) 2.80% 2.70%
Goldfields Money Term Deposit (1 year) 2.55% 2.85%
Westpac Term Deposit (1 year) 2.30% 2.35%
CommBank Term Deposit (180 days) 2.05% 1.75%
Macquarie Bank Term Deposit (90 days) 2.20% 2.25%
ING Term Deposit (1 years) 2.55% 2.60%
AMP Term Deposit (1 year) 2.20% 2.40%
Bank of Queensland Premier Investment (180 days) 2.45% 2.25%
RaboDirect Term Deposit Business Term Deposit (4 years) 3.15% 3.00%
Greater Bank Term Investment (1 year) 2.65% 2.45%
P&N Bank Term Deposits (180 days) 1.75% 1.80%
Unibank Member Term Deposit (1 year) 2.65% 2.75%
Credit Union SA Term Investment (2 years) 2.70% 2.80%
Heritage Bank Term Deposit (1 year) 2.55% 2.65%
QBank Term Deposit (2 years) 2.90% 2.85%
BCU Term Deposit (1 year) 2.45% 2.40%
Firstmac Term Deposit (1 year) 2.55% 2.71%

Curious to see what happened in September 2017? Check out our September 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 November. All above rates were correct at the time of publication.

Instantly compare high interest savings accounts today:

Rates last updated January 17th, 2019
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
HSBC Serious Saver
$0 / $0
Receive a maximum variable rate of 3.10% p.a. for 4 months, reverting to an ongoing rate of 1.40% p.a. when you make no withdrawals in the month. Available on balances below $1,000,000.
RaboDirect High Interest Savings Account
$0 / $0
Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 1.80% p.a. Available on balances below $250,000
Bankwest Hero Saver
$0 / $0
Ongoing, variable 2.60% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
AMP Saver Account
$0 / $0
Introductory rate of 2.55% p.a. for 4 months, reverting to a rate of 2.10% p.a. Available on balances below $5,000,000.
HSBC Flexi Saver Account
$0 / $0
Ongoing, variable 2.50% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000.
AMP SuperEdge Saver Account
$0 / $0
Earn an ongoing, variable 2.05% p.a. when you link your AMP SuperEdge Saver Account to an AMP SuperEdge Cash Account or transaction account for your SMSF at another bank. Available on the entire balance.
Citibank Online Saver
$0 / $0
Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 1.70% p.a. Available on balances below $500,000.
AMP Bett3r Account
$0 / $0
With AMP's bundled Bett3r account, get three linked Pay, Spend and Save accounts. Earn a competitive, ongoing rate of up to 2.25% on your Save account balance when you deposit $2,000 into the Pay account each month from a source that is not another AMP Bank account.

Please note: The 2.25% maximum variable rate is earned only on your Save account balance. To calculate interest earned, enter your initial and monthly deposit amounts for the Save account only, not including any money that’ll be in your Spend or Pay account.

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