Westpac waves goodbye to shareholder term deposit benefits

Westpac has decided to shelve a benefits package that offered shareholders term deposits with higher interest rates than is available to the average customer.

The Sydney Morning Herald reports that the benefits package was suspended six months ago as the bank weighed up the costs of running the scheme.

Now, the group has decided to ditch the package completely, sending a letter to shareholders explaining that the benefits announcing that the offers would not be carried over into the next tax year.

"We trust that shareholders appreciate the need to make these changes which are in the best interests of all shareholders," said company secretary Anna Sandham.

Other offers in the package included cheaper margin loans and lower brokerage fees.

Elsewhere, the Australian Prudential Regulation Authority has announced that ANZ is leading the way in attracting retail deposits with its term deposits and savings accounts offers, with the SmartyPig brand said to be particularly popular with savers.

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