ANZ lifts term deposit rate
The ANZ has increased its 11 months Term Deposit rate to 2.35 per cent claiming it is intended to help customers seeking a decent return.
The banking group announced term deposit rate increase barely 24 hours after the Reserve Bank announced its interest rate deduction and as the Government urged the major banks to follow.
ANZ group executive, Australia Retail and Commercial, Mark Hand said the bank recognised it had not been an easy environment for customers who were trying hard to save their money and get a decent return.
“In making this decision we have sought to get the balance right to provide a highly competitive rate for severs over an 11-month term on the back of yesterday’s announcement to cut home loan rates,” he said.
“Savers and retirees are not always front of mind during discussions about interest rates and we’re making an effort to provide an attractive option for those that rely on interest income,” Hand said.
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
