ANZ blinks first

More term deposit rate reductions from the banks will only accelerate the self-managed super exodus, and force the big four to lift overseas borrowing or cut lending.

It's 7:45 am. And only one bank, ANZ, has blinked – at least on term deposit rates. The drama created by the Reserve Bank’s decision to reduce official rates by half a per cent is not just in home loans – term deposit rates are even more tense.

After the Reserve Bank announced the rate cut no major bank reduced its term deposit rates although they had been pencilling them back in recent weeks in anticipation of an official rate cut.

{{content.question}}

Mastercard

{{ twilioFailed ? 'SMS Code Failed to Send…' : 'An SMS verification code has been sent ...' }}

Hi {{ user.FirstName }}

Looks like you have already taken a free trial

Please enter your payment details

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to complete your SMS verification

We cannot send you a code via SMS to {{user.DayPhone}}

If you didn't receive SMS code please

SMS code cannot be sent due to: {{ twilioStatus }}

Please select one of the options below:

Looks you are already a member. Please enter your password to proceed

Please untick this box when using a public or shared device


Verify your mobile number to proceed…

Please check your mobile number below and press the Send Verification Code button. This will be used to complete your verification in the next step.

Please sign up for full access

Mastercard

Updating information

Please wait ...

  • Mastercard
  • Visa

Please click on the ACTIVATE button to finalise your membership

Mastercard

The email address you entered is registered with InvestSMART.

Please login or select "Don't know password"

Please untick this box when using a public or shared device


Register as a new member

(using a different email)

Related Articles