Term deposit rates just keep on rising with yet another increase from Macbank, taking its one year TD rate to the market leading position

Macbank is ensuring that its term deposit offers are among the highest available. They have shifted their one year rate higer again, raising it by +10 bps to 4.50%.

This comes after many other banks have been forced to follow Macquarie's prior shift up, which in turn was initiated months ago by ANZ responding to Macbank's high savings accounts with a focus on the term deposit rates.

Macbank hasn't shirked from the competition. The December changes household deposit market share will come later next week, and is likely to show they have had further good gains. Everyone else is on the back foot.

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Today's December CPI result will have a big bearing on how financial markets see the RBA reacting next week. Along with global pressures, it does seem as though more rate rises are coming, and that will encourage hungry banks like Macquarie to keep raising funds now before they rise even further in teh future.

And the others will follow, even if reluctantly.