![]() ![]() They close branches when they become unprofitable. The big four banks can’t justify almost eight times less in interest on annual term deposit by pointing to their shopfront branches and arguing that it costs a lot to run these branches. It’s a small manifestation of the ‘digital divide’, the exclusion of those not online. This is fine if you are online, but if you’re not, or you don’t trust online banking, you miss out. If you want a 1.9 per cent term deposit, you will be applying and depositing online. MyLifeFinance, Macquarie Bank, AMP and Judo Bank don’t have branches. Just like judo, the sport, and nothing to do with how Judo’s security guards provide security to its branches. ![]() It’s a great name, explained by Judo’s ‘high-touch, high-tech’ approach. If you want to go obscure, Judo Bank also offers 1.9 per cent. Macquarie Bank and AMP were the best-known of them. Then there were three banks offering 1.9 per cent. The best rate we could find was with a mob called MyLifeFinance: 1.92 per cent. In fact, some term deposit rates already have risen, but not with the big four banks (Commonwealth, NAB, ANZ and Westpac), which were all offering a measly quarter of a per cent on an annual term deposit on 13 April when this article was written.Ī quick online comparison check shows that you can do much better. WITH the Reserve Bank’s cash rate and mortgage interest rates set to rise, will term deposit rates follow? ![]()
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