Depositing money into a bank will get you 2% but buying bank shares will get you more than 3%. Even if the share price falls, the yield (based on purchase price) will still be better especially if you include dividend imputation.
When ANZ fell below the placement price, I purchased a lot of it. But it continued to tumble. Today, I bought the maximum allowed with the SPP which will be below what I recently purchased at about $29.50.
I also purchased WBC and CBA recently and also topped up another lot of CBA with its rights issue. That is it, I will lay off bank shares unless there are special reason to buy.
Everyone would wish they bought OSH recently instead! Today WPL made a bid for it...