(28 August 2007 – Australia) National Australia Bank has increased the interest rates on its term deposits.Four month term deposits have been increased to 6.50 percent interest rate; six month deposits to 6.75 percent; 11 month deposits to 6.80 percent; and two year deposits to seven percent.
NAB regional general manager for Working Capital Services, Steve Aliferis, said NAB business customers could take advantage of increased rates across a number of products.
He said the bank had recently increased interest on products such as NAB’s Business Cash Maximiser account which now paid interest of 6.30 percent and gave businesses same day access to funds to meet their immediate business needs.
NAB regional general manager for Consumer Banking Solutions, Andrew Maitland, said the new rates provided great options for customers looking for medium to long term returns on investments between A$20,000 and A$500,000.