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Major bank bucks trend and lifts term deposit rates
Despite the Reserve Bank of Australia lowering the official cash rate to a new record low of 1.25 per cent, ANZ has bucked the trend by raising interest rates on its term deposit.
Major bank bucks trend and lifts term deposit rates
Despite the Reserve Bank of Australia lowering the official cash rate to a new record low of 1.25 per cent, ANZ has bucked the trend by raising interest rates on its term deposit.
Effect from Friday, 7 June, investors will receive 2.35 per cent per annum, which the bank describes as a highly competitive savings rate in the current record-low rate environment.
While ANZ is passing on a stronger investment rate, it did not pass on the complete 25 basis point cut to its mortgages, only passing on 18 basis points.
Treasurer Josh Frydenberg recently urged the big four banks to pass on the full rate cut, stating they would have to explain to consumers if they did not.
ANZ group executive, Australia retail & commercial, Mark Hand believes this is a win for investors.
“We recognise it has not been an easy environment for customers who are trying hard to save their money and get a decent return,” Mr Hand said.
“In making this decision, we have sought to get the balance right to provide a highly competitive rate for savers over an 11-month term on the back of yesterday’s announcement to cut home loan rates,” he continued.
“We’re making an effort to provide an attractive option for savers and retirees who rely on interest income,” Mr Hand said.
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