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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)
| Term | Old | New | Increase |
|---|---|---|---|
| 1 month | 1.90% | 2.10% | 20 basis points |
| 3 months | 2.60% | 2.70% | 10 basis points |
| 9 months | 2.66% | 2.75% | 9 basis points |
| 12 months* | 2.64% | 2.75% | 11 basis points |
* Interest paid at maturity
UBank SMSF term deposits (standard rates)
| Term | Old | New | Increase |
|---|---|---|---|
| 1 month | 1.90% | 2.00% | 10 basis points |
| 3 months | 2.55% | 2.65% | 10 basis points |
| 4 months | 2.55% | 2.65% | 10 basis points |
| 6 months | 2.60% | 2.70% | 10 basis points |
| 9 months | 2.60% | 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)
| Term | Old | New | Increase |
|---|---|---|---|
| 12 months | 2.85% | 3.00% | 15 basis points |
Disclaimer
This article is over two years old, last updated on October 13, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent term deposits articles.
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Product database updated 27 Apr, 2024
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