Term deposit rates are ripping along, hitting a top of 3.75 per cent in April after breaching 3 per cent in the previous month.
According to the latest Mozo Banking Roundup, three deposit takers – AMP Bank, Judo Bank and Macquarie Bank – are leading the charge.
Judo hiked rates across the range, with increases from 60 to 90 basis points. It is the market leader from one to five years, with a one-year rate of 2.3 per cent, two-year rate of 3 per cent, three -year rate of 3.35 per cent, four-year rate of 3.65 per cent and five-year ate of 3.75 per cent.
AMP Bank has the highest rate for a term under 12 months – 1.9 per cent for 11 months. AMP also increased a number of rates last month, with the highest a 55 bps hike in the 10-month rate to 1.45 per cent.
Macquarie raised its nine-month rate by 45 bps to 1.45 per cent, its one-year rate by 80 bps to 2.1 per cent, its three-year rate by 80 bps to 2.35 per cent.
Mozo said that overall, there were 202 term deposit rate changes in April, with all but 13 of them rate increases.
It was a different story in the at-call deposit market, where there were few rate changes last month and most of them were cuts.
Bank Australia cut the ongoing bonus rate on it Bonus Saver account by 10 bps to 40 bps and the rate on its Online Saver account by 5 bps to 15 bps. Qudos cut rates on QSaver and Bonus Saver by 5 bps and Virgin Money cut its Boost Saver by 20 bps to 1 per cent.
Macquarie Bank increased the introductory rate on its Savings Account by 25 bps to 1.35 per cent.
Great Southern Bank increased the ongoing bonus rate on its eSaver Flexi by 10 bps to 1.05 per cent.