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By: Bluestone Group  05-Apr-2012

Savers extracting good deposit rates from banks


In a speech on Thursday, RBA assistant governor (financial markets) Guy Debelle said banks were so keen to attract savers that many were paying above their advertised interest rates for deposit accounts.

“That is, banks have been increasingly paying customers more than the rate advertised in the window if the customer asks for it, reflecting competitive pressures,” he said.“When you see the term deposit sheet advertised in your local bank, you should be able to go in and extract an extra 10 basis points (one tenth of a percentage point) off them.”Source: Yahoo7 Finance