Commonwealth Bank helps farmers and business with deposit rate increase of 0.25%
8 November 2006
The Commonwealth Bank today broke with convention to announce two deposit accounts for farmers and businesses would receive the full benefit of the Reserve Bank’s decision to increase the official cash rate by 25 basis points.
The move to increase the two deposit rates ahead of loan rates was taken because of the stress the farming community is under as a result of the ongoing drought.
Two deposit products, Business Online Saver and the Farm Management Deposit account will have the full 0.25% rate passed on from tomorrow.
According to the Executive General Manager Banking Products, Leslie Martin the decision to increase the two deposit rates first was a tangible demonstration of the Bank’s commitment to the farming and business communities.
"We know these are difficult times and helping these two sectors in this way is something the Bank felt was essential," Ms Martin said.
"All of our deposit and loan rates come under review whenever the Reserve Bank increases the official cash rate, but these two deposit accounts stood out as requiring immediate attention."
Ms Martin said the bank would make an announcement in the coming days regarding further interest rate changes.
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