UBank offers 8.5% on deposits for next two weeks
NAB's UBank will offer an interest rate of 8.5 per cent for a three month term for applications received by 12 October. Among major banks Commonwealth Bank currently pays the highest for a $10,000 three month term deposit at 7.45 per cent. NAB's rate is 4.7 per cent. Financial institutions offering rates of more than 7.6 per cent include Adelaide Bank, BankWest, Elders Rural Bank, Heritage and IMB. Returns are higher for longer terms with $10,000 for 180 days attracting eight per cent or above from institutions including Arab, BankWest, Defcredit, Elders Rural and NSW Teachers. The same value for a one year term will attract eight per cent still at Adelaide, BankWest, Bendigo and NSW Teachers, even after they have all cut rates by between 10 and 30 basis points during September.
Source: The Sheet