NAB: No immediate plans to change credit card and term deposit rates

One bank has noted it will not be upping its rates on a selection of products for the time being.

The National Australia Bank (NAB) has announced that it does not have any plans to change the interest rate on its credit cards and term deposits at the moment.

Luisa Ford, an NAB spokeswoman, noted the organisation was going to maintain its variable rate mortgage at 7.24 per cent, the Herald Sun reports.

These comments come after the Reserve Bank of Australia (RBA) announced that the official cash rate would be staying at 4.5 per cent for the time being after a rise from 4.25 per cent in May.

Westpac spokesman David Lording added that the bank has not changed its stance since May and it still did not have any plans to increase its standard variable rates along with any RBA increases that might occur.

RBA governor Glenn Stevens pointed towards the economic uncertainty in Europe as one contributory factor to the organisation's decision to keep the rates as they are for this month, although he noted growth is becoming more established in North America.

By Emma North