Australian (ASX) Stock Market Forum

Interest Rates

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gfresh said:
Unchanged.. stick that up ya clacker media monkeys :D

p.s. not directed at anybody here, just the usual media b.s. over the last couple of days that it was a "certainty" of at least a 25bps cut.
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It certainly has the market confused... Up? Down? Sideways?

DOH!!

:D
 
About blooming time. I've gotten tired of losing bank interest each month! Perhaps our dollar may finally stabilise now as well, as our yield is now more certain.
 
No cut and market rallies, WTF? Didn't see that one coming, but didn't overly expect anything different after the recent Japan GDP and machinery order figures and US non-farms and their markets reactions.......

The news reports say this is due to the potential that our economy is strong in some way? :confused: What an after the fact BS reason to explain market movements as always.

RBA purely wants some ammo in the bank for a later date which will be needed.
 
MRC & Co said:
No cut and market rallies, WTF? Didn't see that one coming, but didn't overly expect anything different after the recent Japan GDP and machinery order figures and US non-farms and their markets reactions.......

The news reports say this is due to the potential that our economy is strong in some way? :confused: What an after the fact BS reason to explain market movements as always.

RBA purely wants some ammo in the bank for a later date which will be needed.
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After the carnage on Wall St a few hours before, mebbe some of Buffet's nauseated henchmen decided to buy up Ozzie stocks bigtime for some light relief? Or mebbe the Chinese? The Japanese? The Brits? Cheap Ozzie chips?

Certainly, the massive turn-around in the ASX shortly after the morning's brief but equally massive post-opening plummet of around 75 points in the first 15 mins on the ASX would have taken a lot of big bucks in a very short space of time to initiate - so I suspect more than just wee Oz investors were involved. So, what outstanding Oz news caused the turnaround? I saw none at THAT time of the day so inspiring as to justify a huge rally?

Meh.

It's all smoke and mirrors :D
 
The UK Bank of England have reduced interest rates from 1% to 0.5%. The lowest rate ever. Interest rates have now been reduced six times since October 2008.
This followed a further slump in property prices of 2.3% in February to an annual rate of 17.7%. Sales of new cars in February fell 22% compared with February 2008.
The B of E are now boosting money supply.
 
noirua said:
The UK Bank of England have reduced interest rates from 1% to 0.5%. The lowest rate ever. Interest rates have now been reduced six times since October 2008.
This followed a further slump in property prices of 2.3% in February to an annual rate of 17.7%. Sales of new cars in February fell 22% compared with February 2008.
The B of E are now boosting money supply.
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The Eurozone also decreased their interest rates from 2% to 1.5%.
 
http://www.news.com.au/heraldsun/story/0,21985,25259667-664,00.html
30/3/08
From this morning, National Australia Bank will slash the rate it pays on three month fixed term deposits from 4.2 per cent to 2.1 per cent.

The NAB move comes after more aggressive repricing by Commonwealth Bank in recent weeks in which it slashed its three month fixed term deposit rate from 4.2 per cent to 1.5 per cent.

According to market research firm, Infochoice, CBA has also crunched its one year fixed rate offer to 1.5 per cent from 3.5 per cent.
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Suncorp (QLD) continues (including today) to offer 3 years at 6% and 3 months at 4.4% which they are really pushing still today. 3 years at the CBA has been sitting in the mid 4's, not sure if it's moved today.

With all deposits being Gov' backed where would you put your money? 2.1 NAB, 1.5 CBA or 4.4 SUN. Suncorp must still have a lack of local funds. Their bottom line still can't be good offering those rates.

All banks are playing on a level field with the gov' backed deposits. However some banks might be driving themselves into the ground in the process to acquire local funding. Growth of some were going gang busters before on cheaper foreign funding?

Wonder how long the gov will con't to back these deposits?
 
think suncorp has the most exposure to commercial lending..or was it the riskiest exposure to commercial...another is offering 7% one of those pop up ads somewhere today...bankwest 5% if no transactions or 3.5% if there are
:sheep::sheep:
 
Bank of Queensland are offering 4.5% for five months. Presently waiting to hear if Wide Bay Australia will match this.
 
Hi guys, just came across this thread. Worked in interest rates years ago so tend to keep track of them (devoted shareholder of MAK now). On the Suncorp rate I heard they were offering amazing rates for 3 years. The guarantee ends in 2 and a half years though so the last 6 months aren't covered. Someone I use for my SMSF is Curve Securities (www.curvesecurities.com.au) who can get rates from a whole lot of banks and can track down the best rate- not Suncorp though. I get the feeling they have a $250k minimum but I'm not sure.

For what it's worth I think we still have a couple of easings coming down the track.

G
 
Has anyone had any experience of using Citibank? They are offering 4.6% on term deposit which is better than most.
 
Julia said:
Has anyone had any experience of using Citibank? They are offering 4.6% on term deposit which is better than most.
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Just check which version of Citibank. One of them is covered by the govt. guarantee, and the other (Citibank N.A.) is not, IIRC.
 
How'd you like to lock in these rates.
 

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MS+Tradesim said:
Just check which version of Citibank. One of them is covered by the govt. guarantee, and the other (Citibank N.A.) is not, IIRC.
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Thanks for pointing that out, MS+T. The advt says government guaranteed.

It's for 24 months so if I use it, it will be in multiples of just $20K to minimise loss of interest for early withdrawal if the market roars away.

I see Suncorp has increased their 36 month t.d. to 6.2%.
Not sure whether this reflects their suggestion of where interest rates will go, or a need to haul in more deposits.
 
Julia said:
I see Suncorp has increased their 36 month t.d. to 6.2%.
Not sure whether this reflects their suggestion of where interest rates will go, or a need to haul in more deposits.
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Thinking down the same lines Julia. I am amazed at this rate as well. Went into Suncorp Friday and questioned how the bank was able to make money at providing depositors 6.2%. The reply was "just looking after their customers". (that's a new one) So I went on and pointed out how Suncorp used to have alot of their deposits from overseas depositors and how I thought it appear Suncorp now was very short of funds. Anyway the teller couldn't tell me anymore.

I have been wondering over the past days if they expect inflation sooner rather than later?

Interesting how that 3 year term with the Suncorp over a period of 0.75% drop by the reserve increased Suncorps term deposits by more than 0.75%. Was around 5% then jumped to 6% when the reserve dropped 0.5% then to 6.2% while the reserve dropped a further 0.25%

The Commonwealth over the same period and terms have gone from 5.5% to 5%.
 
is suncorp backed by the govt. AAA guarantee?

as in, are they able to borrow our govt. soverign rating to borrow in the O/S markets?

if not, this could be the reason they are offering such attractive deposit rates, as cost of borrowing is higher for them compared to big 4 banks :confused::confused::confused:
 

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