Powered by MOMENTUM MEDIA
the adviser logo
Lender

Westpac chases funds

by Staff Reporter2 minute read
The Adviser

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.

default
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more