Which banks moved term deposit rates this week?

Macquarie Bank's decision to decrease term deposit rates by up to 20 basis points (0.20%) this week comes at a time when banks continue to breach the 4% one-year rate mark in order to remain competitive. 

Macquarie Bank's one-year deposit previously offered one of the most competitive rates on the market at 4.10% p.a., competing with the likes of Judo Bank, AMP, People's Choice and Community First Credit Union. 

The 20 basis point decrease takes the one-year deposit rate of one of Australia's largest banks back below the 4% mark to 3.90% p.a. 

To receive this rate with Macquarie Bank, customers require a minimum deposit of $5,000 with interest paid annually. 

G&C Mutual Bank increases term deposits by up to 1.25%

Previously offering the highest one-year deposit rate back in August, G&C Mutual Bank has joined the ranks once more, increasing deposit rates in the past week by up to 125 basis points (1.25%). 

The mutual bank's one-year deposit rate increased 60 basis points to a rate of 4.20% p.a., requiring a minimum deposit of $1,000 and interest paid annually. 

The rate matches that of Judo Bank, who also offers a one-year deposit rate of 4.20% p.a., yet does not surpass Teachers Mutual Bank with its 11-month 4.25% p.a. rate.

For depositors looking to receive interest payments earlier, G&C Mutual Bank increased its one-year deposit rate by 60 basis points with interest paid monthly to 4.15% p.a. 

RACQ Bank increases term deposits by up to 0.60%

RACQ Bank has increased term deposit rates in the past week by up to 60 basis points (0.60%) to enter the 4% one-year term deposit club. 

Increasing its one-year deposit rate by 60 basis points, RACQ Bank customers will receive a rate of 4% p.a. with a minimum deposit of $1,000 with interest paid annually. 

Credit Union SA increases term deposits by up to 1.35% 

Credit Union SA increased term deposit rates this week by up to 135 basis points (1.35%). 

With a 20 basis point increase, the South Australian mutual bank now offers a one-year deposit rate of 4.05% p.a.

To receive this rate, Credit Union SA customers require a minimum deposit of $5,000 with interest paid at the end of term. 

Qudos Bank increases term deposits by up to 0.30% 

On Thursday, Qudos Bank increased term deposit rates by up to 30 basis points (0.30%).

Qudos Bank's one-year deposit rate increased by 20 basis points to a rate north of 4%, at 4.10% p.a. 

To receive this rate, Qudos Bank customers require a minimum deposit of $5,000 with interest paid either monthly or annually. 

Bank Australia increases term deposits by 0.25%

The mutual bank increased term deposit rates across a number of products this week by 25 basis points (0.25%)

Leading the charge was Bank Australia's one-year deposit rate, increasing to a rate of 4% p.a. 

Bank Australia offers one of the lowest deposit requirements in the term deposit market to achieve a one-year rate of 4% p.a., requiring customers to deposit a minimum of $500, with interest paid at the end of term.

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Want to earn a fixed interest rate on your cash? The table below features term deposits with some of the highest interest rates on the market for one-year.

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