Deposit rates on the rise
A number of deposit-taking institutions increased their at-call and term deposit rates in April, continuing a trend that has seen more rises than falls since December and a gradual increase in average rates.According to the latest Mozo Banking Roundup, six deposit-taking institutions increased term deposit rates last month and four institutions raised their at-call rates.Increases in the term deposit market were as high as 45 basis points and increases in the at-call market were as high as 50 bps.In the term deposit market, Bank of Queensland increased its three-month rate by 35 bps to 3.1 per cent and its six-month rate by 25 bps to 3.15 per cent.Arab Bank Australia increased its five-month rate by 40 bps to 3.1 per cent and its nine-month rate by 45 bps to 3.1 per cent.Maitland Mutual Building Society increased its nine-month rate by ten bps to 3.1 per cent.CUA increased its ten-month rate by 15 bps to 3.15 per cent.QPCU increased its one-year rate by 10 bps to 3.1 per cent and its two-year rate by 40 bps to 3.4 per cent.ME increased its seven-month rate by 40 bps to 3.2 per cent.In the at-call deposit market, ANZ increased the three-month introductory rate on its Online Saver account by five bps to 3.15 per cent.BOQ increased the four-month intro rate on its WebSavings account by 25 bps to 3.25 per cent.Citibank increased the four-month intro rate in its Online Saver account by 25 bps to 3.4 per cent.Maitland Mutual increased the intro rate on its Internet Saver account by 50 bps to 3.1 per cent.