Several deposit takers raised their at-call and term deposit rates in May, which might suggest that deposits are not flowing in at the rate they have been over the past year.

MyState increased the ongoing bonus rate on its Bonus Saver Account by 10 basis points to 1.2 per cent.

In the TD market, MyState raised its nine-month rate by 30 bps to 80 bps and its 12-month rate by 20 bps to 85 bps.

Summerland Credit Union raised rates for terms of six months and more by 10 to 12 bps. Its 12-month rate is now 60 bps.

Suncorp raised a number of TD rates by up to 10 bps. Its 12-month rate is 40 bps.

The average rate for a 12-month deposit is 52 bps, according to the latest Mozo Banking Roundup, and the highest 12-month rate is Judo Bank’s offer of 1 per cent.

Mozo said the last time the average TD rate rose was in December 2018.

Judo Bank is offering the highest TD rates for six months and for terms of one through to five years.

Rate leaders in the at-call market are ING, which is offering an ongoing bonus rate of 1.35 per cent on Savings Maximiser; Rabobank, which is offering 1.5 per cent for four months on its High Interest Savings Account (reverting to 25 bps); and Macquarie Bank, which has a base rate of 95 bps for deposits up to A$250,000 on Macquarie Savings Account.

Mozo said the deposit market overall was quieter in May than it has been in recent months. Only 11 deposit takers cut at-call rates and only 21 institutions changed TD rates.