INTEREST RATES: DEPOSITORS MISS OUT ON INTEREST RISE WITH MOST USING SAVINGS TRANSACTION ACCOUNTS
The majority of Australians will miss out on rate rises for term deposit accounts as most of the nation’s savings remain in regular savings accounts.
Treasurer Scott Morrison yesterday welcomed the move by the major banks this week to lift some key deposit rates, even if they robbed mortgage holders of part of the Reserve Bank’s rate cut to do so.
But savers should not celebrate just yet, according to one rates analyst, as the vast majority of deposit holders will miss out on the banks’ apparent largesse.
Data insights director at RateCity Peter Arnold said the banks have limited their rate rise to
Read more at: http://www.abc.net.au/news/2016-08-04/deposit-rates-rise-but-not-for-the-bulk-of-savers/7690216?section=business
