Economists anticipate Governor Michele Bullock and the RBA Board will announce another 0.25% cut to the nation's key interest rate when the monetary policy meeting wraps up on 20 May.

If the forecast plays out, the cash rate will fall to 3.85%.

More than half of traders surveyed by the ASX, on the other hand, are sticking with their view that a larger, half percentage point cut is on the table despite the surprise jobs data showing a surge in employment.

The latest ABS labour force report, released Thursday, revealed a surge of 89,000 jobs in April - the largest monthly increase in over a year and far exceeding the 20,000-job consensus forecast.

"We do not see the latest data as being consequential for the RBA as far as next week's policy decision is concerned, as we still anticipate a 25bp rate cut," said Westpac economist Ryan Wells.

Mr Wells noted that employment growth was "only a touch below" the central bank's forecast for the June quarter, suggesting the figures are unlikely to be viewed solely as an upside surprise.

Most economists, including those at three of the Big Four banks, expect the cash rate to fall to 3.85% next week, with NAB being the lone major still predicting a larger 50bp reduction on the back of global economic risks.

"NAB's view is that a deterioration in the global backdrop would see the RBA move more quickly, starting with a 50bp cut next week, to both offset downward pressure on the outlook for growth and inflation and to better position policy for a shifted balance of risks," said NAB senior market economist Taylor Nugent.

While NAB remains firm in its call for the RBA to push the cash rate into the low 3% range 'relatively quickly', the bank acknowledges that the central bank may opt for a more gradual easing path.

Term	New rate (change)	Deposit size
7 Months	4.10% p.a. (-10 bps)	$5,000 - $2,000,000

NAB, signalling its confidence in a coming rate cut, preemptively trimmed rates on its flagship 7-month term deposit product.

The bank shed 10 basis points from the 7-month term deposit, leaving the rate down to 4.10% p.a., currently NAB's top term deposit rate and the only one starting at '4'.

This rate is now 15 basis points down from when it was last raised just a little over a month ago.

Term	New rate (change)	Deposit size
11 Months	4.10% p.a. (-10 bps)	$5,000 - $2,000,000

Unsurprisingly, fellow Big Four Westpac made the same basis point cut to its term deposit offering the highest rate.

As it is, these major banks typically follow each other's moves vis-a-vis rate adjustments.

Westpac dropped the rates on its special offer TD with 11-month fixed term.

This special offer term deposit is exclusively available to existing customers of the bank.

Those opening or renewing online will receive a 0.10% p.a. bonus on top of the standard rate offered to those conducting their business in-branch.

Following in their parent bank's footsteps, Westpac-owned St.George, Bank of Melbourne, and BankSA also applied a 10 basis point cut to their 11-month special offer TD.

Its current rate is

Term deposit accounts opened or renewed online also get an additional 0.10% p.a. special bonus offer.

The minimum deposit starts at $1,000, and the maximum is $2,000,000.

3 Months	4.55% p.a. (-0.15)	$1k to $2m	End of term
2 Years	4.25% p.a. (+0.05)	$1k to $2m	End of term
3 Years	4.25% p.a. (+0.05)	$1k to $2m	End of term
4 Years	4.30% p.a. (+0.10)	$1k to $2m	End of term
5 Years	4.35% p.a. (+0.10)	$1k to $2m	End of term

Judo Bank took the heat out of its flagship rate - the 3-monther - this week, taking it down to 4.55% p.a.

It was previously the highest rate at the bank - now that mantle belongs to the 6-month rate (4.60% p.a.)

What's notable is that Judo boosted rates on longer terms, taking them to comparatively very competitive rates.

It marginally pips competitor Rabobank across these longer terms.

Slightly lower rates apply if one opts for a more frequent interest payment.

Maybe Judo's rate setting team is seeing something in the tea leaves, and that maybe this recent nadir for savers will be short-lived.

A previous version of this article erroneously suggested Judo cut other rates by as much as 45 basis points. We have since corrected this.

Term	New rate (change)	Deposit size	Interest paid
3 Months	3.75% p.a. (-10 bps)	$5,000 - $99,999.99	End of term
4 Months	4.20% p.a. (-15 bps)	$5,000 - $99,999.99	End of term
6 Months	4.30% p.a. (-25 bps)	$5,000 - $99,999.99	End of term
9 Months	3.85% p.a. (-10 bps)	$5,000 - $99,999.99	End of term

Suncorp Bank applied broad cuts across its range of short-term deposits

This week's rate adjustments were applied to the bank's 3-, 4-, 6-, and 9-month TD rates.

Notably, the bank's highest TD rate is now 4.40% p.a. for a 6-month term with a $1 million minimum deposit.

For deposits between $100,000 and under $1 million, the rate is 4.35% p.a.

Term	New rate (change)	Deposit size
3 Months	4.40% p.a. (-5 bps)	$1,000 - $2,000,000
6 Months	4.20% p.a. (-15 bps)	$1,000 - $2,000,000

Agribusiness bank Rabobank joined in on the rate-cutting action ahead of the RBA meeting next week, trimming up to 15 basis points off its term deposit rates.

Based on our database, Rabobank's current highest term deposit rate, 4.40% p.a., now sits 30 basis points below the current top rate for the 3-month term offered by Judo Bank.

Member-owned BCU Bank bucked the trend, raising instead its term deposit rates for its niche term by 0.40% p.a.

The bank's 5-month Standard Term Deposit now pays for deposits up to $1 million.

The Regular Income Term Deposit has received the same boost, bringing its rate up to 4.40% p.a.

Both term deposit products are available for a minimum deposit of $1,000; the only difference is the interest payment frequency.

BCU Bank's standard TD pays interest earnings at the end of term, while the regular income - as the name suggests - provides interest payments on a regular basis (e.g., monthly).

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Important Information and Comparison Rate Warning

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