Judo and customer-owned banks lead term deposit interest rate hikes

Judo and customer-owned banks lead term deposit interest rate hikes

In a busy week of term deposit rate activity, Judo Bank and customer-owned institutions such as Great Southern Bank and Teachers Mutual led the charge. It's been a busy period for deposit rate activity, with a number of savings account rates also getting a boost. However, the money seems to be on term deposits with banks preferring to lock-away customers for a set period. That said, a statement by the Council of Financial Regulators (APRA, ASIC, RBA, Federal Treasury) released yesterday said banks have been reticent to pass on interest rate hikes in full to savings products. "Participants noted that, given the cash rate remains at a low level, there has been much less pass-through to deposit interest rates than to lending interest rates so far. It was agreed to …
More on: www.savings.com.au