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Judo Bank on Wednesday raised various interest rates on term deposits, while CommBank cut its own.
Judo has increased its prices on its terms of 3, 6, 9 and 12 months:
- Three months: Increase of 23 basis points to 0.82% per year
- Six months: Increase of 20 basis points to 0.89% pa
- Nine months : 25 basis points increase to 0.94% pa
- 12 months: 24 basis points increase to 0.99% pa
These rates apply to term deposits that are paid at maturity, but those that pay interest monthly have been increased by the same amount, but at rates 10 basis points lower.
That said, judo cut its four- and five-year rates by 20 basis points, now to 1.2% per year and 1.4% per year respectively, with interest paid annually.
Meanwhile, the Commonwealth Bank cut its term deposit rates again, on a variety of terms.
For example, the 12-month term deposit has been reduced by 10 basis points and now stands at 0.25% pa, with interest paid at maturity.
For longer-term depositors, CommBank’s five-year rate has been reduced by 5 basis points to 0.30% pa
These rates are straightforward interest, which means the interest is not compounded like on savings accounts.
Despite CommBank’s cut, term deposit rates have been rising lately, with Heritage Bank and G&C Mutual Bank increasing theirs just over a week ago.
CommBank also raised interest rates on a number of fixed rate home loans on Friday.
Over the past year, CommBank drew 100% of its $ 51.14 billion allocation on the Reserve Bank’s term finance facility, which provides banks with wholesale funding at an interest rate. by only 0.10% over a three-year period.
For comparison, Judo Bank took out $ 2.86 billion, or 33.1% of its total allocation.
6 month term deposit
Product Features
- Other terms available between three months and five years
- Small minimum deposit
- Loyalty bonus when you renew your term deposit
- No account fees
Product Features
- Other terms available between three months and five years
- Small minimum deposit
- Loyalty bonus when you renew your term deposit
- No account fees
Photo by Towfiqu Barbhuiya on Unsplash
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