Deposit shock: A note on interest rates

The bank response to Tuesday's RBA cut is startling.

This is a special alert to Eureka readers using bank deposits. The quick decision by Commonwealth Bank's chief executive Ian Narev to lift term deposits after the Reserve's Bank interest rate cut yesterday had a nasty catch to it. The new higher rates do not cut in until August 19, which means that if you have maturing deposits before then you may need to take them in cash to get the higher rates.

Similarly, be aware of placing money on deposits before August 19. None of the major banks have altered their websites term deposit rates, and they now bristle with traps for inexperienced players. (*See at bottom for August 19 rates.)


{{ twilioFailed ? 'SMS Code Failed to Send…' : 'SMS Code Sent…' }}

Hi {{ user.FirstName }}

Looks like you've 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 activate your membership

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 unlock a FREE trial

Please sign up for full access

Updating information

Please wait ...

  • Mastercard
  • Visa

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