Term deposit savers would be wise to check in regularly to our term deposit offer tables. Banks tweak their offers and sometimes a 'good rate' can be accessed, or a 'poor rate' avoided when you compare the main banks.
For example, last week Macquarie trimmed its 3 month term deposit by -10 bps to 4.00% while at the same time raising its one year rate from 3.45% to 3.55%.
Then this week they reverted the three month rate back up to 4.10%. You might be a bit chagrined if you had taken out their lower 4% rate last week.
During the same period no other main bank shifted term deposit or savings account rates.
Macquarie is distinguished in that they offer the highest rates of any of the banks in this group. Having an account at Macquarie would allow you to access these better rates quickly via a transfer when you have the funds to invest.
Term deposit savers may also want to think about whether a bonus saver account could provide extra income compared to a simple term deposit. Higher interest earnings are possible, although the bonus savers come with restrictive conditions. But many savers may find those are no more onerous than the fixed term required of a TD.
| Bonus | TD | TD | |
| Saver | 3 mths | 1 year | |
| % pa | % pa | % pa | |
| ANZ | 4.50 | 2.70 | 3.65 |
| CommBank | 4.45 | 2.85 | 3.50 |
| Macquarie | 4.85 | 4.20 | 3.70 |
| NAB | 4.35 | 2.75 | 3.70 |
| Westpac | 4.50 | 2.75 | 3.65 |
You can find all savings account rates for the main banks here. And you can find the term deposit rates here and here.