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Westpac chases funds

by Staff Reporter7 minute read

Staff Reporter

Making headlines today, Westpac has increased its base rate on online savings accounts in a bid to drum up more business.

The major increased its base rate from 4.5 per cent to 5.1 per cent, sending a strong warning to the other lenders that it was ready for action.

According to an article in The Australian Financial Review, Westpac is currently trying to boost customer deposits in order to fund loans and allow them to bypass expensive wholesale funding.

The major’s base rate of 5.1 per cent, now puts it only slightly behind Virgin Money, NAB’s UBank and Citibank.

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