At the time of writing, the following ADI’s had announced new term deposit products or raised term deposit interest rates following the RBA’s June 2023 decision:
ING has announced that the fixed interest rates on its term deposits for new and existing customers rolling over on or after 14 November 2023 will be:
- 4.65% p.a. – 90 day term
- 4.65% p.a. – 120 day term
- 5.05% p.a. – 180 day term
- 4.80% p.a. – 210 day term
- 4.80% p.a. – 270 day term
- 4.65% p.a. – 330 day term
- 5.30% p.a. – 1 year term
- 4.80% p.a. – 2 year term
Following the RBA result, Commonwealth Bank announced that it will extend the availability of its 24-month term deposit special of 5.00% p.a.
Transport Mutual Credit Union
In a move it described as “a bid to support savers” and “rewarding members for their savings and ongoing loyalty”, Transport Mutual Credit Union announced that all of its standard term deposit rates will increase by 0.20 percentage points from 13th November 2023.
This customer-owned bank announced that rates on its new term deposit offers are increasing by up to 0.30% p.a., with the new rates taking effect on 17 November 2023.
Greater Bank announced it will be increasing rates on new term deposit offers by up to 0.30% p.a., and that this change will come into effect on 17 November 2023.
Keep in mind that term deposit customers may need to wait for their existing deposit to reach maturity and roll over before they can consider switching to a higher rate. Comparing term deposits can help you work out which options may offer you the most value, and keep an eye on RateCity’s Rate Tracker hub for more information on which banks are raising rates for borrowers and savers.