Term Deposits

News And Views

• BoQ attracting deposits and legal action
  Monday June 29 - Bank of Queensland says that deposits from NSW have climbed 60 per cent, despite claims from branch managers in NSW that there is a crisis in BoQ's NSW branch network.
• RBA says banks are setting rates
  Monday June 22 - The Reserve Bank of Australia says it is losing the ability to set interest rates. An RBA report issued yesterday says rising funding costs has eroded the significance of the official interest rate.
• Banks to tighten up lending
  Monday June 22 - Banks will need to raise interest rates or tighten up on loan approvals in the next year because of ongoing shortage of funding say bank chiefs.
• Banks need more savings
  Friday June 19 - Australians need to save more in order to ensure the ongoing strength of our big banks say bank chiefs. Cameron Clyne, chief executive of National Australia Bank says "Domestic demand for credit significantly exceeds our capacity to save."
• Longer term deposits attracting interest
  Friday June 19 - National Australia Bank's online brand UBank is offering a three month term deposit rate of 4.51 per cent, well above the Reserve Bank's official cash rate of 3.0 per cent and less than one per cent below some mortgage rates now in the marketplace.