In less than three weeks, the best term deposit rates have blown though the 5 percent barrier, with some of the biggest banks being forced into catchup mode with their own rising rate offers

Five percent term deposit rates?  piffft !!

The breach of that benchmark only happened just over two weeks ago.

And that inhibition has now been blown away.

Today we can report one bank is offering a 5.6% term deposit rate.

And more main banks are up at the 5% level too.

Here is a summary of some key changes today.

ANZ

ANZ has made very big changes, in a catchup across all terms.

Notable is the six month 4.95% rate, up from 4.70%.

And ANZ has pushed its one year rate to 5.00% (from 4.80%) joining NAB as the only 4-Pillar bank with 5% rates. But they also raised their 2 to 5 year rates sharply too, now all over 4%.

Commbank

Commbank have extended their one year special offer from March 27 "for a limited time" and raised the rate for this one year 'special' to 4.90% (from 4.80%).

And they have bumped up their two year maximum rate to 5.00% for deposits $50,000 to $5 mln.

Great Southern Bank

Great Southern is leading the way however. Among many rate rises, they now have a 5.15% rate for seven months, 5.25% for one year, and 5.50% for five years (all interest at maturity). And if you qualify for their Platinum Plus +55 ratesm their new five year rate on that same basis is 5.60%.

ING

ING has raised rates too today, with their six month rate a notable 5.05%, and their one year rate a notable 5.20%.

Savings account rates rise too

It is not only term deposit rates rising fast; savings account rates are on the move higher as well.

ANZ has added +0.25% to most savings account rates.

Commbank has done the same. The details vary, but you may be interested to know that their NetSaver account can now pay 5.10%.

ING also added +0.25% across most products. ING now has a welcome rate on one product of 5.65% !

Bank of Queensland raise many savings account rates by +0.25%, some by more.

Westpac is another that raise many savings account rates by +0.25%. Most are me-too, but their Spend & Save account now offers 5.50%.

The whole sector is in flux and change, so the best way to stay abreast of all this change is to check or rate table pages here, here and here.

The key thing to know is the after tax, after inflation rates that these offers work out to be. And we have shown how you can check those out here.