Australian Term Deposit Bank Accounts compared for February

Provider	Interest Rate	Fees	Minimum Balance	Info
UBank Term Deposit Account	Up to 6.01%	No fees	$0	UBank Term Deposits help you make the most of your money easily. UBank Term Deposits offer highly competitive rates with no fees and the choice of a range of terms including 1, 3, 6, 9 or 12 months.
St.George Term Desposit	Up to 5.8%	Yes	$5,000	Interest is paid at maturity for terms up to 12 months. For terms greater than 12 months interest is paid annually.

Related Term Deposit Account News

Australians Saving The Most In Over Two Decades Against A Backdrop Of Slower Economic Growth

As interest rates have steadily risen over the last year, new data shows that ordinary Australians are saving the most they ever have in two decades. Economists attribute the trend to being as a result of consumer concern over the direction of interest rates and the future trajectory of the economy.

National income accounts data which was released on Wednesday shows that growth of the Australian economy slowed down during the September, expanding by a moribund 0.2 per cent, the slowest recorded level since the end of 2008, when the financial crisis was at its greatest, and the fifth slowest recorded growth rate since 2000.

Australian Banks Continue To Battle For Deposits By Offering High Introductory Rates

Australia’s largest banks are using high introductory online savings rates to attract retail deposits and expand their deposit bases. Despite the high introductory rates, the lenders later aggressively cut back their deposit rates in order to preserve their profit margins.

The investment bank Macquarie conducted an analysis of the online savings market which found that the big four Australian lenders, as well as some international rivals were offering introductory rates that were as much as 200 basis points higher than the 4.5 per cent official cash rate.

Westpac Delivers Strong Results

Gail Kelly, chief executive of Australian banking major Westpac is the latest banking chief to warn that the sector faces significant revenue head winds, that will slow their growth in earnings.

Westpac, which reported earnings on Monday, posted a $1.4 billion underlying net profit for the quarter ending June, representing a leap of 27 per cent.The lender, like its peers, benefited from a sharp decline in provisions for bad and doubtful debt, but despite its success, the Sydney based bank followed the larger trend that has emerged amongst its peers, with revenues, and net interest margins under siege.

Westpac To Up The Ante In War For Australian Term Deposits

After a brief respite in the war for depositors, Westpac chief executive Gail Kelly is upping the ante amongst the big four lenders, by saying that Westpac intends to increase its reliance on deposit based funding for the year.