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Investors continue to switch to Commonwealth

01 July 2008 4:46PM
Retail investors continue to pile cash into the coffers of Commonwealth Bank in preference to other options.APRA data shows the bank increased household deposits by $1.6 billion in May 2008. Commonwealth's household deposits have reached $104 billion, more than double any other bank.National (with deposits of $48 billion), Westpac ($47 billion) and St George ($37 billion) all reported a decline in deposits during May.ANZ increased its deposit book by $8 billion to $47 billion due to the reclassification of funds held in the V2 product.Retail deposits have become a major focus during financial year 2008, with Commonwealth increasing 18 per cent, ANZ by 41 per cent (due to reclassification), National 15 per cent with St George and Westpac trailing at 11 per cent and 10 per cent respectively.ING household deposits have remained flat at $17 billion since October as the ongoing rate now trails many rivals, with BankWest increasing 15 per cent to $13 billion so far this financial year.National hold the most non-financial corporation deposits with $63 billion, followed by a combined Westpac St George with $58 billion, Australia and New Zealand with $49 billion and Commonwealth with $38 billion.

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