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Term deposit rates slashed

22/08/2011

Term deposit rates have come down by around 30 basis points since the start of the month, as deposit-takers adjust to movements in wholesale markets and take advantage of easier competitive conditions.

InfoChoice data shows that 22 deposit-takers have cut their six-month rates, with the average rate coming down 31 basis points, from 5.66 to 5.35 per cent.

Forty three deposit-takers have cut their one-year rates, with the average coming down 20 basis points, from 5.94 to 5.74 per cent.

Three-year rates have come down an average of 30 basis points, to 5.42 per cent, and five-year rates have come down an average of 36 basis points to an average of 5.65 per cent.

Going against the trend, three-month rates have gone up by an average of 19 basis points.

The range of deposit rates is very wide, reflecting different funding priorities among deposit-takers.

Source: Banking Day



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