Up until close of business Friday 28 January, CBA are offering a 10 month Term Deposit (TD) rate of 6.30%p.a. with interest to be paid at maturity, for new TDs or renewing TDs with maturity dates between 23 January and 28 January 2010.
Up until close of business Monday 14 February 2011, CBA will continue to offer a 0.14% discount off its 3 Year Special Economiser Home Loan Rate, bringing the rate to 6.99%.
These are good rates for CBA! They are being advertised in press and available in branch.
Information on Special Economiser Home Loan here: http://www.commbank.com.au/personal/home-loans/base-home-loa…
No monthly loan service fee applies on 3 Year Special Economiser for the life of the loan. Not sure about exit fees,
The home loan is definitely worth looking into.
Bankwest had a similar promotion but they charged a monthly fee.
Bank West is owned by the CBA and has had good products out there for years for name establishment in the East. The CBA are trying to win back some credibility after misfiring with that double interest rate hike.
$50 redraw fee!!!
agreed x10
however I won't neg the deal just because the product wouldn't work for my style of banking.
I'm sure most people will want to do a redraw every now and then. $50 is outrageous - especially for electronic redraws!
I read the news that CBA try to regain customer's popularity after infamous interest rate hike. By looking at this ridiculous fee (almost unfair, I would say), they haven't learnt anything from past. My comments - don't try to trick customers who want to do business with you.
Nvm didn't read properly…
These are good rates for the CBA, but not good rates overall.
UBank term deposits:
6 months 6.41%
12 months 6.51%
Rollover the TD for another term and get 0.1% extra.
the rates are just not good enough
In reality, going with the CBA/NAB etc is like buying a European car. There is an assumption that they're better due to a brand/stigma, even though this certainly isn't fact. People feel secure with a name Bank I guess, they certainly do pay for it though.
It's greater than that. At least with a Euro car, it is different, and in any case has had to travel further (and has different labour costs/research behind it). With CBA, they have the same labour and funding costs (less even!) as other Australian banks.
You can get better rates from other providers so don't call this a good offer.
how about being a nice guy and provide some links rather than just talk about it.
Can you share some examples of other better alternatives (of similar product, service & risk profile)?
Big 4 banks provide better financial strength so if there is another squeeze in credit/funding, they will be in better position to weather the storm compared to smaller institutions/credit unions who may raise variable rates above those of the Big 4 to cover higher cost of funding.
as far as deposits are concerned, ubank is backed by nab, and in turn also have the deposit guarantee by the govt.
so the above argument doesn't cut it…
thus, its not good enough.
Sorry for not being clear, I was actually referring to the home loan.
UBank of course has the best deposit rates for those happy enough to transact online. CBA provides the additional convenience of over-the-counter transaction that some would appreciate and value.
I can't find the terms for the special economiser home loan. How much is the exit fee and are there monthly fees?