Best Australian Deposit Rates
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Here at Australian Bank Watch we have spent some time looking for some of the best Australian deposit rates available whether they be at call savings accounts, cash managements account or online savings accounts.
It would be of little surprise that none of the major Australian banks failed to feature in the top handful but expect the major banks to show an increased effort to attract savers.
The major banks have so far concentrated on term deposits but the Commonwealth Bank have recently been advertising their Cash Management account where they offer 5.75%, remember this is above the RBA rate of 5.25%.
However, a number of other well known institutions are offering better deals.
AMP is the best with an eASYCash Management account that is offering 7.35%, the Bank of Queensland also offer an excellent rate with their WebSavings account that has an introductory rate of 7.20%.
The ANZ backed One Direct offer a high interest saver account that offers a solid 7% return while the superannuation backed Members Equity have a Online Savings account offering 6.50%.
They are followed by other major institutions such as St George’s Direct Saver with 6.50%, Adelaide Banks Cash Management Trust with 6.35%, Bankwest with a Telenet Saver account offering 6.25% on a promotional rate and Macquarie Bank with their Cash Trust offering 6.25%.
At a time when the world sharemarkets are in major upheaval perhaps now could be a good time to re-allocate what available cash you have into one of these high interest accounts.
Bankwest offer 5.99% Fixed Rate
Bankwest has unveiled a two year fixed interest rate home loan at 5.99%, 0.60% better than it’s nearest competitor to force the competition back on the larger banks.
Bankwest’s fixed home loan rate below 6% on a is the first time a fixed interest rate has been this low since September 2003.
Bankwest have also cut a host of their fixed rate loans with their one year fixed dropping by 1.40% to 6.29%.
The Bankwest loan rates take effect from 17 November 2008. Expect the other major banks to follow in coming days to maintain market share in the current competitive climate.
Click to read the Bankwest Media Release.