Bank of Queensland has trimmed some key term deposit rates.
The cuts for terms 4 months to nine months range up to -15 bps.
It means that their four and six month terms are the only ones left at 4%.
| BOQ - Bank of Queensland | |||
| Term deposits, $5000+ | |||
| Term | was | change | Now |
|
% |
bps |
% |
|
| 4 months | 4.05 | -5 | 4.00 |
| 5 months | 1.25 | 0 | 1.25 |
| 6 months | 4.05 | -5 | 4.00 |
| 7 months | 4.05 | -15 | 3.90 |
| 8 months | 3.95 | -15 | 3.80 |
| 9 months | 3.90 | -5 | 3.85 |
You can compare how these relate to their main rivals here. But they are now lower than ING, and match Macquarie at 4 months and Suncorp at six months.
We have been watching these rates fall steadily each time a bank reviews their market positioning, so getting in before there are further falls would seem like a wise move at present.
Staying away from a main 4-pillar bank will add about 1% to your pre-tax returns.
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