Savers choosing HSBC and ANZ

HSBC reported smart growth in its household and business deposits in February 2011, monthly data from the Australian Prudential Regulation Authority shows.

The bank reported growth in household deposits of seven per cent for the month, and 11 per cent over three months. In business deposits, HSBC reported growth of five per cent over one month and 13 per cent over three months.

Among major banks, ANZ reported household deposit growth of 0.7 per cent for the month, which compares well with the all-bank average of 0.2 per cent. ANZ also doubled system growth in business deposits over the month.

Westpac and Suncorp both recorded declines in household deposits over the month. On the other hand, both reported reasonable rises in business deposits. One shift in recent trends is that the outflow of deposits from Rabo Direct has come to a halt.

Source: Banking Day