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Lenders increase term deposit rates by up to 20 basis points

Lenders increase term deposit rates by up to 20 basis points
  • Note: Effective 8 August 2020, UBank will no longer be offering new USaver SMSF or SMSF Term Deposit accounts. 

UBank and Gateway Bank have increased some of their term deposit interest rates.

UBank, which is a subsidiary of NAB, has made changes to some of its personal term deposit rates and SMSF term deposit rates (see tables below).

Meanwhile, Gateway Bank has increased its 12-month term deposit interest rate – although this applies only to those who invest at least $100,000.

UBank personal term deposits (standard rates)

TermOldNewIncrease
1 month1.90%2.10%20 basis points
3 months2.60%2.70%10 basis points
9 months2.66%2.75%9 basis points
12 months*2.64%2.75%11 basis points

* Interest paid at maturity

UBank SMSF term deposits (standard rates)

TermOldNewIncrease
1 month1.90%2.00%10 basis points
3 months2.55%2.65%10 basis points
4 months2.55%2.65%10 basis points
6 months2.60%2.70%10 basis points
9 months2.60%2.70%10 basis points
12 months*2.64%2.70%6 basis points

* Interest paid at maturity

Gateway Bank term deposits ($100,000 minimum required)

TermOldNewIncrease
12 months2.85%3.00%15 basis points

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This article was reviewed by Head of Content Leigh Stark before it was published as part of RateCity's Fact Check process.

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