With their retail funding strategy working a treat, Macquarie has just piled more rate pressure on its rivals with yet another increase for savers

Macquarie have raised their term deposit rates again - but not their savings account rates.

They are keeping the pressure on all their rivals. It was the main reason those Big Banks decided to compete with Macbank's high-interest savings accounts by shifting the focus to term deposits. But it hasn't worked. Macbank are still hoovering up new customer deposits at an impressive rate. We reviewed that using the APRA November data here.

Now Macquarie have raised their TD rates by another +10 bps for the key 6, 9 and 12 month terms. That positions them like this:

Image:

You can find all rates for terms 1-11 months here, and for terms 1-5 years here.

If you have funds at any other bank, especially any one of the Big Four, the cost of loyalty just rose again.