Better deposit deals on business accounts
Deposit interest rates are rising on accounts marketed at small businesses rather than individuals. BankWest said it would offer a deposit account with an interest rate of 5.85 per cent interest rate, with few restrictions. Commonwealth Bank will pay 5.65 per cent on deposits of more than $10,000. Other comparable rates are St George (5.5 per cent), Suncorp and ING Direct (5.4 per cent) and Westpac (5 per cent). Most other banks offer stepped interest rates, and often pay nothing until the minimum deposit gets to $5,000, $50,000 or even $100,000.