Term Deposits

RBA did a 0.25% emergency rate cut recently, but some banks surprised by raising term deposit rates by 0.6-0.7%. All of the big banks except ANZ seemed to do it...

SelfWealth earns interest from ANZ, and I usually assumed the rate to be RBA+0.75%, but considering the surprise above, maybe SWF's interest rate could rise or stay stable after the surprise RBA rate cut? I guess ANZ might raise like the other banks, but delayed.

I was expecting the 0.25% RBA cut to fully flow through to SWF, but now I'm somewhat more optimistic. Potentially a positive surprise?

Unless the rises were limited to helping out individuals, since I saw they have a special rate for seniors.