Term Deposit - Rate Chasing or Match Rates?

WaywardOne on 13/04/2017 - 14:35

Hi,

As many people on ozbargain do, I like to chase the best interest rates….

However I was wondering if there are any banks that match interest rates?

I've already enquired with both ANZ and UBank and they both refused - regardless of the amount deposited.

Am I dreaming? Or does there exist a financial institution that would match term deposit interest rates?

Financial

Comments

  • Rumbaar on 13/04/2017 - 15:44

    It's a very competitive market, and you'll not get any of the main banks to match rates.

    • WaywardOne on 14/04/2017 - 02:03

      What about smaller credit unions? They are still covered by the $250,000 government guarantee aren't they?

      • Rumbaar on 14/04/2017 - 10:17

        YOu'd have to check them individually.

        • WaywardOne on 14/04/2017 - 10:24

          Yeah I was kinda hoping to gain some ozbargain wisdom.
          Ah well

        • Rumbaar on 14/04/2017 - 10:30

          @WaywardOne: That's understandable, but I'd never take a strangers advice on financial investments of any significance.

      • Baysew on 15/04/2017 - 10:51

        Ozbargain Wisdom

        • WaywardOne on 15/04/2017 - 11:06

          Thanks. That list is rather…comprehensive :) Nice work

  • Gunther on 13/04/2017 - 22:07

    https://www.canstar.com.au/

  • JIMB0 on 13/04/2017 - 22:47

    I tried with Bendigo a few years ago with no luck. They'd only raise their rate by something like 0.1% which was still pathetic. They seemed happy to let me go as a customer rather than match rates.

    • WaywardOne on 15/04/2017 - 11:07

      Yeah that would irritate me.

  • Natalia Khanas on 28/09/2017 - 01:05

    I recently also looked for a bank to deposit money. I analyzed interest on deposits at bankchart.com.au. According to the data of this site, the maximum rate on term deposits is 3.2% (Bank SA).

    • Baysew on 28/09/2017 - 14:42

      RABO Direct has 3.25% on 5 year Term Deposit

  • ggrant on 28/09/2017 - 17:41
    +1

    @Baysew

    RABO Direct has 3.25% on 5 year Term Deposit

    Interest paid annually, not monthly. So comparatively, with money locked in, equivalent interest rate if paid monthly is: 2.972146243055995%

    (i.e. minus 0.277853756944005%)
    So still better off in Rams at 3%.

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