The last few weeks have seen mostly uniform cuts to term deposit rates, with macroeconomic conditions suggesting the RBA might be done with increases to the cash rate.Īnalysts polled by the ASX Rate Tracker on 24 August ascribed only a 12% chance the RBA will hike at its next meeting on 5 September.īank of Sydney and AMP, fixtures of these term deposit wraps for the past few months, have been steadily bringing down previously market leading rates, and they are far from alone.ĬommBank, Macquarie and Bank of Queensland were also among the biggest names to cut term deposit rates this week. Bank of Sydney cuts rates by up to 50 basis pointsįirstmac/Goldfields Money cut rates by 10 basis pointsĬommBank cuts rates by 5 basis points on special offer term depositsĪustralia's banks and other term deposit providers look to have reached a consensus over which direction they see interest rates heading.
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