Every now and again, someone will tell YieldReport about an experience which is worth repeating as it illustrates a simple point. The following is a short anecdote regarding a holder of a Westpac “eSaver” account but it may well apply to people with various accounts at other banks.
Recently, a YR subscriber relayed her experience at a suburban Westpac branch. The branch was not her own, but she wanted to roll a term deposit which was maturing on that very day and this was the closest to hand while she was in the area.
After she arrived at the branch and met with the branch manager, she was advised she could roll her deposit into a 3 month deposit and receive interest at a rate of 2.4% per annum. This rate is well above the website rate and she happily accepted.