UBank trims term deposit rates

National Australia Bank’s UBank has collected $500 million in deposits in the first month of operations. UBank has trimmed the aggressive pricing on its term deposits since debut. At the beginning of October the three-month rate was 8.5 per cent, or 1.5 percentage points more than the RBA cash rate, a rate that held for a time after the cut in the RBA cash rate in the days after the brand’s debut. The three-month rate is now 7.05 per cent, or 1.05 percentage points more than the cash rate. Term deposits remain the only product offered through UBank. NAB is yet to introduce an internet banking feature as a service option for the brand.

Source: The Sheet