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Westpac hits 8% deposit mark

17 hours ago ago from Interest Rate News

Westpac has raised it 5 year term deposit rate to 8%, from 6.75%. The next highest is 7.10%. 8% is 2% over the 5 year swap rate. Selling 5 year bonds to the institutional market would cost around 1.30%. So Westpac is paying through the nose for retail deposits. Let's look at some other special deposit rates from the big 4. Ubank (NAB in online drag) is paying 6.21% for 3 months, nearly 2% over the 3 month bank bill rate. ...

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