GG,I would not read too much into WBC dropping their 5 year term...

GG,

I would not read too much into WBC dropping their 5 year term deposit rates. Rates change considerably for a number of reasons - competition with other banks, promotions etc, etc. For instance, take notice of what the Westpac offer on a three month TD now and see what they offer in a few weeks time: It'll be a lot less for sure.


I think that you have gone a bit far by saying: 'Now, in less than a month they have slashed this forecast by 0.75%.'

Money is hard to get and the Govt Guarentee ends soon, so don't expect banks to be dropping interest rates on deposits across the board. Most banks are offering 6% plus on deposits for terms less than a year.



- pug