Term Deposit Rate 6.31% for 6 months RaboPlus

Related Stores

Rabobank

• 

  modsec802 on 01/05/2010 - 09:42

  I am not going to neg it, but I personally think you'd be mad to lock in for 6 months right now when I still think we're looking at many months of consecutive interest rate rises.
  You can get 6.00% at call at ING Direct (Promo rate), and ING have been pretty good at passing on interest rate rises, so by next week ING Direct Promo will potentially be 6.25% or 6.5% (depending on RBA on Tuesday).
  Just saying, whilst this is the best 6 month term deposit, beware of locking in to a rate when interest rates will most probably increasing each month.

  • 

    Cluster on 02/05/2010 - 14:02

    I don't think locking in money for 6 months for 6.31% is so "mad". The offer has been around for 3 weeks and is still currently 2.06% above the RBA's rate. What we will see in the coming months is the RBA lifting rates a couple more times, but the savings rates offered by banks will move by much less than 0.25%.

    The simple fact is savings accounts and TDs are today offering up to 2% above the RBA's rate. This reflects the wholesale funding costs in the market as the RBA's rate is still unrealistically cheap compared to what the market is demanding. The RBA and wholesale rates will slowly close on one another in the coming year: RBA's rates will rise, wholesale funding costs barely go up at all. Thinking back 4 or 5 years, no bank offered savings rates 2% above what the RBA set. We are in quite an unusual situation at the moment.

    This is of course assuming something wild doesn't happen, like Greece defaulting and sending money markets into a spin.

• 

  modsec802 on 01/05/2010 - 09:43

  Citibank at 6.2% is missing from your comparison list: http://www.ratecity.com.au/term-deposits/high-interest/

  • 

    macfanboy on 01/05/2010 - 10:48

    Also remember that Ubank is offering 6.05% paid monthly at call which is effectively 6.21% at the end of 6 months.

  • 

    [Deactivated] on 01/05/2010 - 18:21

    CB No longer missing as its now added - thanks

    Yes I did qualify the post about for those who like these type of deals, although Ubank haven't moved their rates much, looks like they will let the others catch up, and many of the others have rates for new accounts, so some dont qualify, like some with SMSF. (ubank now doent seem to offer these accounts to SMSF, its TD only)

    And just a small note on Ubank. They are not offering 6.05%. This doesnt take effect until June 1st. Funny how they are now playing the banking game, everyone thinks they are getting 6.05% but not for another month.

    Thanks for not negging it, as it may be of interest to some, not everyone wants the at call rates and as i said not everyone now qualifies, especially those who have been here for a while and have taken up many of these accounts so are now stuck with the standard rates.

    Its a good point about the RBA possibly increasing next week, so might be worthwhile holding off for a few days this rate might also increase. Personally glad I took a TD in January at 6.95%,

    • 

      Raz on 03/05/2010 - 06:29

      ozpete, who did you take your TD with at 6.95% Wow!

      • 

        [Deactivated] on 04/05/2010 - 16:05

        AMP 12 months