Term Deposit Rates on the Rise at Commonwealth Bank
It is perhaps a sign of where they see the long term cash rate heading - up. The Commonwealth bank on Monday announced that it is offering a term deposit rate of 6.00%. That is less than a 1% discount on their standard variable loan rate.
The term deposit rate of 6% applies to deposits of at least $10,000 and a maximum of $500,000.
According to a press release from the Commonwealth Bank, they are "offering Australians the chance to boost their 2010 savings plan with a great term deposit rate of six per cent."
"With more Australians saving with us than any other bank, we are committed to giving new and existing customers competitive offerings that deliver value and a significant fixed return."
Other major banks are yet to indicate if they will match the offer by the Commonwealth.
Speculation is rife that the Reserve Bank will increase the official cash rate for the fourth straight month in a row. That would mean another hike of at least a quarter of one percent for variable loans.
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3 comments:
Term deposits are your way to successful saving. We all want to save money and we always have some available when we need it.
Why havn't the major banks raised term deposit rates past 6.0% even though mortgage rates are going up every second month?
This method gives rise to why the rates are higher on this fact alone let alone where the bank sources it money from. Interestingly, the Commonwealth Bank website currently has on offer a term deposit rate of 7% for a 5 year term. This means that the bank would need to lend out at rates of around 9% + in order to meet its obligation on that term deposit and make a return.I am consistently seeing 5 year fixed rates for commercial property advertised around the 8.95% mark so equipment finance rates in the 9% + range is looking very attractive when all is said and done.for Australian Foreign Investor Mortgage click here
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