Banks altering term deposit rates
Modest revision of savings investment interest rates.
A number of Australian banks have adjusted their term deposit interest rates after the RBA stayed the course last week, leaving the cash rate on hold at 1.50%. St.George Bank and Westpac increased rates on a number of their term deposit accounts, while National Australia Bank (NAB) and Bankwest lowered interest on some of their products. St.George raised rates on selected term, 180-day, one, two, three, four and five year accounts by 0.05%. Similarly, Westpac boosted selected term, 90-day, 180-day, one, two, three, four and five year products.
|St.George (original)||St. George (new)||Westpac (original)||Westpac (new)|
|Rate for selected term||2.55%||2.60%||2.45%||2.50%|
Alternatively, Bankwest reduced rates on some of its business, online and gold term deposit accounts by 0.05% each, while the bank's 180-day Gold term deposit rate was reduced by 0.30%. NAB dropped interest rates on its two and three-year term deposit accounts by 0.50% each.
|Original rate||New rate|
|Bankwest Business TD Direct 90-day||2.50%||2.45%|
|Bankwest Business TD Direct 180-day||2.70%||2.65%|
|Bankwest Online Term Deposit 90-day||2.50%||2.45%|
|Bankwest Online Term Deposit 180-day||2.70%||2.65%|
|Bankwest Gold Term Deposit 90-day||2.50%||2.45%|
|Bankwest Gold Term Deposit 180-day||2.30%||2.00%|
|Bankwest 1 year||2.70%||2.65%|
|Bankwest rate for selected term||2.70%||2.65%|
The latest research shows millennials will need to save more than other generations in order to live comfortably, while superannuation will play a vital role in their financial future. Take advantage of increased rates by comparing a wide range of term deposit accounts.