Marac Finance and RaboDirect cut deposit rates. What are you seeing?

Marac Finance and RaboDirect cut deposit rates. What are you seeing?

Marac Finance has cut most of its term deposit and debenture rates by between 25 basis points to 75 basis points.

Marac cut its 3 month rate for new investors to 5% from 5.25% and cut its 6 month rate to 5.25% from 5.5%. It raised its 9 month rate to 5.3% from 5.25%.

It cut its 18 month rate by 75 bps to 5.75% and cut its 2 year rate by the same amount to 6.25%. It cut its 2, 3, 4 and 5 year rates by 50 bps to 6.25%, 6.75% and 7% respectively.

See all term deposit rates and debenture rates from 1 year to 5 years here.

Meanwhile, RaboDirect cut its 3 month term deposit rate to 4.7% from 4.85%.

See all term deposit rates from 3 months to 9 months here.

The moves follow slight falls in wholesale interest rates last week in the wake of the Reserve Bank's more dovish outlook for interest rates.

Economists and markets now expect the Reserve Bank to leave the Official Cash Rate on hold until June next year at the earliest as the economy struggles to recover quickly in the wake of the Global Financial Crisis.

See our interactive chart on wholesale swap rates below.

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5 Comments

RaboPlus aren't doing as well as they used to - remember when they used to be be your significant other bank, and use the pretty model as an analogy?

Well now she's nearing thirty, isn't nearly as fun in the sack, and no longer buys you drinks. You've found out she was also sleeping with a dairy farmer and a property developer, and ever since, touching her makes you feel a little sick.

In the light of day you can see her crows feet and blemished complexion, and she's still just as shallow. She's resorted to cheap games to try to stay with you, but secretly that makes you a bit angry. You miss your wife who, though more boring, probably did understand you better.

Although you have a few long-term loose-ends with this     significant other (which you feel tricked you into), the relationship is fortunately quite easy to end. You may go back for a fling - you don't have many good options yourself at this stage of your life - but the love-at-first-sight you felt 5 years ago has gone.

Cheers. I have to say I miss the Rabo Girl myself

cheers

Bernard

PS Just don't tell my lovely wife.

I loved that comment as well

ditto

Yep, that HSBC girl you have up the top now is just not the same.