NAB eyeballs a term deposits raid

UBS is using low overseas interest rates to arbitrage Australian term deposits – and looks set to force National Australia Bank to reduce its own deposit rates in the process.

The large investment broker UBS is circulating its top clients, offering to lend them money take up NAB term deposits.

As long as rates stay as they are UBS clients will make a virtually no risk return of 12.4 per cent per annum. As NAB gets flooded with this money it may be forced to reduce the term deposits rates offered by its internet subsidiary, UBank.

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