Term deposits rate increases started to taper in March, as ADIs looked ahead to the peak of the monetary policy cycle. According to the Mozo Banking Roundup there were fewer increases in rates for terms of 12 months or more and the increases were smaller than in previous months. A couple of banks cut rates for terms of two years or more. Commonwealth Bank increased its 12-month rate by 35 bps but cut its two-year rate by 25 bps, its three-year rate by 20 bps and its four-year rate by 10 bps. Last month, the top rate for a term under 12 months was 4.6 per cent, which AMP Bank offered for 11 months. This was 35 bps higher than the top rate for a term under 12 months in February. The top rate for a 12-month term rose 25 bps to 4.7 per cent in March (offered by Gateway Bank). However, the top rate for two years rose just 5 bps in March, the top rate for three years rose 25 bps, the top rate for four years rose 15 bs and the top rate for five years rose 5 bps. All the top rates for terms from two to five years were offered by Judo Bank. In the at-call market, the top rates are an ongoing bonus rate of 5 per cent on ING’s Savings Maximiser, a 5 per cent introductory rate of Rabobank’s High Interest Savings Account (reverting to 3.75 per cent after four months) and a base rate of 4.5 per cent on Police Bank’s Super Charge Account (on balances up to A$10,000).