There were more term deposit rate increases than decreases in March, only the second month in the past 18 when that has been the case, according to the latest Mozo Banking Roundup.
ME leads the market with several of its offerings. It increased its seven-month rate by 20 basis points to 2.85 per cent – the top rate for terms up to 12 months.
It also has the top rate for a 12-month term, at 2.8 per cent, after increasing the rate by five bps.
Over longer terms, it shares the top three-year rate of 3 per cent with a number of other deposit takers.
Other deposit takers that increased rates last month include Bank of Queensland, which added 15 bps to its 12-month term, raising it to 2.7 per cent.
CUA increased its five-month rate by 15 bps to 2.55 per cent, making it the top rate for that term. CUA cut six, nine and 12-month rates by 10 to 20 bps.
Suncorp increased six and 12-month and two-year rates by 20 bps. The six-month rate of 2.5 per cent is one of the best for that term.
The top rates on offer are 2.7 per cent for seven months (ME), 2.8 per cent for 12 months (ME) and 2.9 per cent for two years (ING and Police Bank).
A number of institutions are offering the top three-year rate of 3 per cent. They are Big Sky, Greater bank, Heritage bank, Maitland Mutual, ME, PCCU, QBank and Qudos Bank.
The top four-year rate of 3.1 per cent and the top five-year rate of 3.2 per cent are both offered by Greater bank.
The changes are not dramatic, with the top rates up by five or 10 bps for each term but the change in the trend is welcome.
Among the big banks, ANZ is offering 2.3 per cent for four months, Commonwealth bank if offering 2.35 per cent for five months, NAB is offering 2.3 per cent for five months and Westpac is offering 2.5 per cent for 10 months.
For 12 months ANZ is offering 2.3 per cent, CBA is offering 2.2 per cent, NAB is offering 2.4 per cent and Westpac s offering 2.3 per cent.
And over two years ANZ is offering 2.6 per cent, CBA is offering 2.6 per cent, NAB is offering 2.6 per cent and Westpac is offering 2.4 per cent.
