Some of Australia's biggest banks increased term deposit rates this week, and if the RBA do hike, others are likely to quickly follow suit.Įarlier in the year, when it also looked as though big rate hikes were forthcoming, term deposit rates hit a peak of 5.50% p.a, on Bank of Sydney's one year term product.
Macquarie increases rates up to 140 basis pointsįirstmac/Goldfields money increase rates up to 15 basis pointsĪfter CPI inflation for September came in higher than forecast, most economists are now expecting the RBA to raise the cash rate on Tuesday.Īussies with a mortgage will be bracing for their repayments to jump, but for those looking to grow their savings, higher rates normally means higher returns on deposit products. CommBank vary special offer rates by up to 20 basis pointsĬommBank increases rates by 5 basis points
