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Credit unions tipped to reprice term deposits

21/09/2011

A permanent guarantee of up to $250,000 on deposits will operate from February 1 next year, replacing the guarantee cap of $1 million introduced as a temporary measure in 2008.

Director of the specialist fixed-interest broker Curve Securities, Andrew Murray says credit unions and building societies may have to work a bit harder to maintain the level of deposits they have now.

This could mean depositors will be offered attractive rates to stay with smaller institutions. There may be some repricing of deposit products before the change and depositors should watch out for good deals.

Source: The Age



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