Banks lower some term deposit rates

The big four banks have lowered interest rates on some fixed-term deposits. Consumer groups said savers need to carefully check term deposit rates before allowing the bank to automatically roll their deposit over to a new, lower term deposit rate.

NAB, Westpac and ANZ all lowered interest rates on some term deposits by between 0.1 and 0.5 per cent late last week. Commonwealth Bank dropped its eight-month rate by 0.3 per cent late last month. Banks said that rates for some other terms had risen. Hundreds of thousands of Australians have money in term deposits after a blitz of special deals in recent months.

Source: Herald Sun