Deposit takers have been raising their term deposit rates for the past few months, but the increases had not established any top rate benchmarks for any terms. That changed last month.

According to the latest Mozo Banking Roundup, top rates for a term under 12 months, 12 months, two years, three years, four years and five years all went up in February.

Mozo recorded 79 rate increases last month. Importantly, the rate leader Judo Bank increased rates across a range of terms.

The top rate for a term under 12 months rose from 1.1 per cent in January to 1.15 per cent last month – a Judo Bank offer for six months.

Over the same period the top rate for 12 months has increased from 1.12 to 1.15 per cent, the top rate for two years has gone from 1.35 to 1.45 per cent, for three years from 1.45 to 1.55 per cent, for four years from 1.75 to 1.85 per cent and for five years from 1.85 to 1,95 per cent. Judo Bank is the rate leader for all these terms.

AMP Bank, which was vying with Judo for rate leadership for some terms, cut rates last month.

Gateway Bank has the top rate for four months, at 1 per cent, five months (1.05 per cent) and the second-best six-month rate, at 1.1 per cent.

Macquarie increased its two-year rate by 65 basis points and some longer rates by75 bps.

In the at-call market Bank of Queensland, IMB Bank, ME and Westpac made small cuts to introductory or ongoing bonus rates.

The rate leaders remained unchanged, with Macquarie offering the highest at-call base rate of 95 bps, ING and AMP offering ongoing bonus rates of 1.35 per cent and Rabobank offering a four-month introductory rate of 1.35 per cent.