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Making headlines today, The Sydney Morning Herald has reported that Australia’s big banks may not have to move out of cycle with the RBA as they attempt claw back margin in other areas.
The rumour mill has been in overdrive of late, with whispers that the big banks will soon lift rates ahead of any movement by the RBA.
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However, this may no longer be the case as both Westpac and ANZ announced yesterday plans to halve the interest rates on their short term deposit rate accounts.
Westpac's 90-day term deposit is now offering a rate of just 2.55 per cent, down from 5.25 per cent last month.
ANZ has cut the rate on six-month deposits from 5.4 per cent to 2.5 per cent, while NAB now offers one- and two-month accounts at 3.15 per cent.
CBA has also come to the party, pegging its deposit rates at between 2.7 and 3.75 per cent for up to 11 months.
