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.