February was the fifth consecutive month when more term deposit rates were cut than increased, according to the latest Mozo Banking Roundup. Depositors can still get 3 per cent but they will have to park their money for two years or more.ANZ reduced one of its most competitive rates, an offer of 2.35 per cent for four months, by 10 basis points.Arab Bank Australia cut its market-leading rate of 3 per cent (for nine or 12-month terms) by 20 bps.Commonwealth Bank cut its two, three, four and five-year rates. The five-year rate was cut by 25 bps. Macquarie Bank, Rural Bank and BOQ Specialist also cut their long-term rates.RaboDirect cut its four-year rate by 20 bps to 3 per cent and its five-year rate by 20 bps to 3.2 per cent.Westpac cut its three-month rate by 10 bps to 2.4 per cent.For terms under 12 months the rate leaders are all offering 2.85 per cent: Arab Bank for six months; Bank of Sydney (six and seven months); Credit Union SA (five and 10 months); and RaboDirect (six months).For a 12-month term, the rate leaders are Bank of Sydney, Gateway Bank and ING.G&C Mutual Bank is offering 3.1 per cent for two years.A number of deposit-takers are offering 3 per cent for three years: Australian Unity, Heritage Bank, ME, Qudos Bank, RACG Bank, Teachers Mutual Bank and UniBank.The top rate for four years is also 3 per cent. It is on offer from Australian Unity, Heritage Bank, ME, RaboDirect and RACQ Bank.RaboDirect is offering 3.2 per cent for five years.