Rabo, Citi and ME Bank hit deposit stride

A reclassification by Commonwealth Bank of some of the deposits of Bank of Western Australia as business rather than household deposits complicates comparisons in the deposit data on the monthly banking statistics published yesterday by the Australian Prudential Regulation Authority.

According to APRA, household deposits with banks fell 0.2 per cent over the month, to $469 billion, and the first decline, albeit small, since the financial crisis erupted two years ago.

Some niche banks are faring well in the deposit market. Rabobank reported growth over one month of 13 per cent in household deposits, and is up 71 per cent over three months.

Citibank reported growth of six per cent over one month and nine per cent over three months.

Suncorp Metway reported one-month growth of close to three per cent and has exceeded system growth in deposits all year.

On business deposits, ME Bank increased its book by 25 per cent over one month and by 50 per cent over three months, and while this book is still small at $875 million, it may suggest the bank is making inroads with its efforts to attract superannuation funds as investors in deposits.