Increases in term deposit rates over the past month were smaller for longer terms, as deposit takers look ahead to the peak in the cash rate.

Comparison site Mozo reported that a couple of banks cut long-term rates. AMP Bank increased rates for terms up to one year, while it cut its four and five-year rates by 30 basis points.

Judo Bank increased its three, six and nine-month rates by 50 to 55 bps and its one-year rate by 15 bps. It left longer-term rates unchanged.

Macquarie Bank increased rates for terms up to one year by 25 bps but cut its one-year rate by 15 bps, its two and three-year rates by 15 bps and its four and five-year rates by 25 bps.

Top TD rates in November included Bank Australia’s seven-month rate of 3.75 per cent, Goldfields Money’s nine-month rate of 4 per cent and Teachers Mutual Bank’s 12-month rate of 4.25 per cent.

For terms longer than 12 months, AMP Bank and Judo Bank are offering 4.55 per cent for two years and 4.7 per cent for three years. Judo is offering 4.85 per cent for four years and 4.95 per cent for five years.

Some banks are forecasting that the cash rate, currently 3.1 per cent, will peak in February or March. Commonwealth Bank is forecasting one more cash rate increase to 3.35 per cent in February, where it will stay until the September quarter.

NAB is forecasting that the cash rate will peak ay 3.6 per cent in March and start to come down in early 2024. Westpac has put the peak at 3.85 per cent in June and the first cut in March 2024.