Term deposit rates continued to fall in July, with more than a dozen deposit-taking institutions cutting rates across a range of terms.

While most cuts were between five and 15 basis points, there were some bigger moves, according to the latest Mozo Banking Roundup. MyState and The Rock cut rates by 25 bps, Maitland Mutual Building Society and Greater Bank by 35 bps, and Unity Bank by 40 bps.

It was not all one-way traffic. ANZ, Bank Australia, Bank of Queensland, Hunter United and QBank all raised rates.

BankVic, CUA, Goldfields Money, Greater Bank, Maitland Mutual Building Society, ME, MyState, People’s Choice Credit Union, The Rock and Suncorp reported a mix of rate increases and cuts through the month.

Among the big banks, ANZ raised rates for a range of terms. It put up its 12-month rate by 10 basis points to 2.4 per cent. It increased its two and three-year rates by 20 bps to 2.6 per cent and 2.7 per cent respectively.

Commonwealth Bank cut its three and 12-month rates by five bps.

For big bank customers, the best deal on a term under 12 months is Westpac’s offer of 2.5 per cent for seven months. NAB is offering 2.2 per cent for eight months, ANZ 2.1 per cent for six months and CBA 2.05 per cent for seven months.

The best big bank deal on a 12-month term is 2.4 per cent, on offer from ANZ and NAB. Westpac is offering 2.35 per cent and CBA 2.2 per cent.

Overall, the rate leaders for terms under 12 months include Hunter United, which is offering 2.9 per cent for five months, Bank Australia (2.8 per cent for six months), Credit Union SA (2.8 per cent for seven months) and ME (2.75 per cent for nine months).

The best deal on a 12-month term is 2.85 per cent, available from Teachers Mutual Bank, UniBank, Goldfields Money and firstmac.

Anyone looking for three per cent or better will have to deposit their money with Qudos Bank for two years.