1 Comment 1 CommentActing director of retail and marketing David Bullock said it was the first time in more than a year that a two-year term deposit rate from a major bank had been available at that level.
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When you check the fine print, the 4.0% interest is payable at maturity.
My trusty HP12C tells me the equivalent rate compounded quarterly is only 3.87% p.a. which is still high for the times but not quite as sexy as a 4 figure.