Rate cutting in the term deposit market may be coming to an end, with a growing number of deposit takers increasing rates last month, especially for longer terms.

In October the two TD rates leaders, AMP Bank and Judo Bank, increased rates.

According to the latest Mozo Banking Roundup, last month AMP Bank increased rates again. Other deposit takers that raised rates include abal banking (formerly Arab Bank Australia), Bank Australia, MyLife MyFinance, MyState Bank and Suncorp.

MyLife MyFinance increased its two-year rate by 10 basis points to 1.1 per cent, abal banking increased its five-year rate by 30 basis points to 1.2 per cent, MyState increased its three-year rate by 60 bps to 1.1 per cent and Suncorp increased its four-year rate by 50 bps to 85 bps.

Despite these increases, the rate leaders remain AMP and Judo.

AMP Bank is offering the best rate for a term under 12 months – 1 per cent for 11 months – and the best one-year rate (1 per cent)

Judo is the rate leader for two years (1.2 per cent), three years (1.15 per cent), four years (1.2 per cent) and five years (1.4 per cent).

Among the big banks, ANZ is offering 20 bps for 12 months, Commonwealth Bank is offering 25 bps, NAB 25 bps and Westpac 25 bps.