BANK DEPOSITS – AUSTRALIA

Cash still good option for savers, say advisers

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Original article by Sally Patten
The Australian Financial Review – Page: 6 : 5-Aug-16

Australian savers who may need to access their money at short notice are advised to opt for cash deposits. According to comparison website Canstar, the average interest rate on the major banks’ six-month deposits has declined to 2.11 per cent, from 5.44 per cent in 2010. Those seeking higher returns should consider investing in corporate bonds and hybrid securities. Scott Farmer, of Bravium Financial Planning, says the rates of return in these two asset classes range from four per cent to 6.5 per cent.

CORPORATES
CANSTAR PTY LTD, AFFINITY PRIVATE PTY LTD, BRAVIUM FINANCIALPLANNING, HEWISON PRIVATE WEALTH

Banks cut deeper into deposit rates

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Original article by Clancy Yeates
The Australian Financial Review – Page: 20 : 20-May-15

Australian banks have reduced the interest rate on some savings accounts by the full 25 basis point reduction in the cash rate in May 2015. However, some banks have reduced their mortgage interest rates by a lower margin. Michelle Hutchison of Finder.com.au notes that the majority of households do not have a mortgage, while most have savings accounts. Some banks have offered a sweetener to savers by increasing the interest rate on term deposits and accounts that offer bonus interest rates.

CORPORATES
FINDER.COM.AU, RESERVE BANK OF AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MACQUARIE GROUP LIMITED – ASX MQG, AMP LIMITED – ASX AMP, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, BELL POTTER SECURITIES LIMITED, BANK OF WESTERN AUSTRALIA LIMITED, ST GEORGE BANK LIMITED, BANK OF SOUTH AUSTRALIA LIMITED, BANK OF MELBOURNE LIMITED

CBA customers face deposit tax hit

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Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: 8 : 2-Apr-15

The Commonwealth Bank of Australia (CBA) has expressed its support for the financial system inquiry’s recommendation to introduce a tax on deposits to cover the costs of any bank collapse. The proposed tax would amount to $A500 million a year in total for the sector. In a submission to Treasury in response to the inquiry’s recommendations, CBA stated that the tax might be passed on to its customers

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE TREASURY, CUSTOMER OWNED BANKING ASSOCIATION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Big four banks lead lenders in slashing term deposit rates for savers

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Original article by Michael Bennet
The Australian – Page: 21 : 6-Aug-14

New data issued by Canstar show that Australia’s four main banks have taken the record low official cash interest rate as their cue to not only reduce home loan rates but the interest paid on term deposits. The five-year term rate has been cut by 15 basis points to 4.05% at National Australia Bank, and 20 basis points to 4.15% at Westpac Banking. A reduction of 40 basis points to 3.6% has also been announced by Suncorp. Commonwealth Bank of Australia had recently started a move by the major lenders to drop the fixed-rate mortgage rate to 4.99% for the first time ever

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, SUNCORP GROUP LIMITED – ASX SUN, CANSTAR PTY LTD, RESERVE BANK OF AUSTRALIA, DEUTSCHE BANK AG, HSBC BANK AUSTRALIA LIMITED, MACQUARIE BANK LIMITED – ASX MBL, MOODY’S INVESTORS SERVICE INCORPORATED, AUSSIE HOME LOANS LIMITED