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ANZ & Westpac growing faster than their rivals
Sep 02, 2009 - Eric Smyth
Out of the big four banks ANZ and Westpac are growing faster than their rivals in the retail banking market.
During July they accounted for the largest portion of household deposits lodged with local banks.
ANZ & Westpac deposit base growing at 15% rate
Data published on Monday by the Australian Prudential Regulation Authority showed that retail customers had pumped in an extra $5.7 billion into their bank accounts in July, the bulk of which went to ANZ, Westpac, and St. George branches.
ANZ has been the fastest growing deposit taker in Australia over the past three years and received another $1.3 billion in July, taking its retail deposit base to $59.3 billion.
Due to all the money being pumped into bank accounts Westpac reached a milestone by holding more than $100 billion in deposits for its personal customers.
ANZ and Westpac are growing deposits at more than 15 per cent on an annualized basis which is nearly double the rate of Commonwealth Bank and National Australia Bank.
CBA is the market leader with $139 billion in retail deposits.
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Pauline sonnet
where would I find all current interests rates?
Rate Detective
Pauline, are you after Savings Account and/or Term Deposit interest rates? Then go to our Savings Accounts section:
http://www.ratedetective.com.au/savings-accounts
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