Home / News / ASIC warns of dual pricing on term deposits

ASIC warns of dual pricing on term deposits

02/03/2010

ASIC released the results of its ‘health check’ of the Australian term deposit market. Total term deposits in Australian Deposit Institutions (ADIs) grew by over 20 per cent from June 2008 to June 2009.

Currently, ASIC estimates that total term deposits in ADIs now exceed $530 billion.

ASIC’s Chairman, Mr Tony D’Aloisio, said “While our review has confirmed that the Australian term deposit market is strong and working well, we have made a number of recommendations to industry to improve the advertising and disclosure around term deposits.”

ASIC’s review found that seven out of the eight ADIs reviewed promoted their term deposits by advertising only the highest term deposit rates, while maintaining lower rates for all other deposit periods.

Source: ASIC



Previous Article  Next Article



Popular Searches


Today's Best Rates

Institution Product Title Rate (%) Details
eMoney Pro Pack 75 (loans below 75% LVR. Contact us for loans above this LVR) 6.08  
UHomeLoan - Refinance only (6.14%p.a incl 0.20%p.a lifetime Loyalty Discount) 6.14
State Custodians Standard Variable Offset Loan 6.22
IMB Budget Home Loan (No Application Fee) 6.27
MyRate.com.au - Advantage Rate Loan 6.35  
Institution Product Title Rate (%) Details

Rates for a $250,000 standard loan. The 3 year tabs show loans that are fixed for 3 years.



SPONSORED LINKS