CommBank and ANZ reduce term deposit rates

Major Australian banks Commonwealth Bank (CommBank) and ANZ have reduced their 12-month term deposit rates. CommBank lowered its 12-month special offer rate by 10 basis points to 5.15% p.a., following a previous reduction in its six-month rates earlier this month.

ANZ also decreased its best 12-month rate by five basis points to 5.25% p.a. for deposits between $5,000 and $1,999,999. This move brings ANZ's top rate in line with Westpac and NAB, which both offer 5.25% p.a. for similar deposit amounts. The rate adjustments suggest that Australia's largest household deposit holder does not anticipate near-term increases to the Reserve Bank cash rate.