With the cash rate on hold for the past two months and the inflation rate falling, deposit takers have started to look forward to lower rates and are trimming term deposit rates. According to the latest Mozo Banking Roundup, a number of banks cut their term deposit rates last month. The top rates on offer for several terms fell. AMP Bank cut rates by 15 to 35 basis points for terms of three months or longer. A consistent rate leader in the TD market over the past couple of years, AMP currently has no market leading offer. Another rate leader, Judo Bank, cut rates for terms up to 12 months by 25 to 35 bps. It also cut its one and two-year rates but increased its four-year rate. Commonwealth Bank cut its one-year rate by 5 bps. Alex Bank, Bank of Sydney and Goldfields Money also cut rates. ING Bank was one of the few deposit takers to increase rates, adding as much as 25 bps for some terms, and is now the rate leader for a number of terms under 12 months. The top rate under 12 months is Defence Bank’s offer of 5.2 per cent for 10 months. ING Bank has the top rate of 5.25 per cent for 12 months. Australian Military Bank has the top rates for two and three-year terms – 5.35 for two years and 5.35 per cent for three years. Judo Bank has the top rates for four and five-year terms – 5.2 per cent for four years and 5.2 per cent for five years. Mozo reported that there were very few rate changes in the at call market. The top rate remains ME Bank’s ongoing bonus rate of 5.65 per cent. To qualify for the bonus rate, customers must deposit at least A$2000 and grow the balance each month. Rabobank added 10 bps to the introductory rate of its High Interest Savings Account. It is the highest introductory rate in the market, at 5.6 per cent for four months, with a base rate of 4.2 per cent.  Police Bank has a base rate of 5.25 per cent for customers under 30 with balances of up to $10,000.