Commbank raises both its term deposit rates, and sets the upper limit for these at $5 million. It is a market-leading combination

Banks aren't waiting until the RBA makes its cash rate target decision tomorrow (2:30 pm, Tuesday, February 3, 2026).

At least, Commbank isn't waiting.

They have already released new, higher term deposit offers.

These undoubtedly mean higher home loan rates won't be far behind.

CBA's latest featured term deposit offer, the one you will see on branch blackboards, is 4.35% for a twelve month locked-in term. That is up a healthy +25 bps from the prior equivalent one-year 'special'.

But wait, there's more.

It applies for deposits from $5000 to $5 mln. That is a rise in the maximum deposit from $2 mln, and that is significant. And that now distinguishes itself even more from Macbank's maximum of $1 mln (when lower rates apply).

Macbank has a one year rate of 4.5%, until the cap applies, then 4.25%.

In this head-to-head, Commbank has the advantage, especially for large investments.

Check our rate tables for term deposits here and here for all the Commbank changes. They are up just +5 bps for terms 3 to 8 months, up +10 bps for terms 9 to 11 months. For terms one year and longer the jumps are even more aggressive, some as high as up +50 bps for the longer terms, up to 4% and market leading levels.

Clearly Commbank is positioning for a much higher interest rate environment. We will be a better sense of that after the Tuesday RBA announcement and the subsequent bank retail rate-setting responses.

Update: More banks are joining the bandwagon. Bank Australia today raised its one year rate by +15 bps to 4.50%, and its two and three year TD rates by +40 bps and +50 bps to 4.60% and 4.70% respectively. Qudos (a Bank Australia brand) did the same.