ANZ raises term deposit rates

The Reserve bank has cut the official cash interest rate for May to a record low of 1.75 per cent, leading to banks and credit unions to slash their loan and despots rates.

However ANZ Bank has announced that its rates for a 4-month Advanced Notice Term Deposit will increase by 1.00 per cent p.a. to 3.00 per cent p.a.

The Advance Notice term deposit requires depositors to give ANZ 31 days notice if you need to access your funds prior to the end of your investment term.