Big banks lose ground in deposits

Bank deposits increased 7.1 per cent, in the 12 months to November 2005, according the Australian Prudential Regulation Authority with the big four banks grabbing just 40 per cent of this growth to see their total share of domestic deposits fall from 66.7 per cent to 64.9 per cent. HBOS-owned BankWest, which launched its high interest TeleNet product in October 2004, saw a 23 per cent increase, or $3.8 billion, in deposits over the year to November 2005. Among the majors, only Westpac, which launched a high interest deposit product in November 2004, matched system growth and the big loser was National Australia Bank, which ended November 2005 with almost $600 million less in deposits than a year earlier.