BankWest's deposits have grown 42 per cent in two years, while Rabobank's have grown 57 per cent in two months, according to the monthly banking statistics published by the Australian Prudential Regulation Authority on Friday.ING, once the market leader in deposits with the flagship ING Direct online deposit account, has increased its deposit book by only six per cent in the two years to August 2007. In fact ING is going backwards, with balances three per cent lower than 12 months ago, due to the high interest competition from the likes of BankWest, Citibank and Rabo products.To combat the loss in market share, ING Direct have increased the interest rate 85 points to 7 per cent for new funds deposited by existing customers, and for all funds from new customers until January 1, 2008.ING Direct's Lisa Claes, executive director direct sales and operations, said in a recent interview that the increase in competition had made a big impact on the bank's deposit growth."We were in a very small pool when we launched a few years ago, but due to increased competition, we can't enjoy the same level of growth. We are still opening a significant amount of accounts though."ING deposit book is still superior to BankWest and Rabo, standing at $15.3 billion, with BankWest at $12. 2 billion and the recently launched RaboPlus account helping RaboBank grow to a still modest balance of $534 million.Citibank currently offer 7.25 per cent on deposits (although there are restrictions) and have grown their book by eight per cent in August alone to $3.6 billion. The current high interest offer appears to have successfully drawn more funds to the Citibank account, as deposits in August are only 13 per cent higher than two years ago, with 11 per cent of this growth in the last two months.Among the big banks, Commonwealth leads the pack with deposits of $90.7 billion, up eight per cent for the 12 months to August, with National and Westpac around $43 billion with 12 month growth at 11 per cent and nine per cent respectively. ANZ's deposit books stands at $34.5 billion with 11 per cent growth, while St George is at $31.5 billion up 7 per cent.