Macquarie Bank announced it would be increasing the interest rate on its transaction account from 0.20 per cent to 1.50 per cent on balances up to $250,000 from June 17, while ING increased the interest rate on its Savings Maximiser account by 0.75 percentage points to 2.10 per cent on balances up to $100,000 from June 15."ING and Macquarie have reset the battlefield for savings rates in what is ultimately a win for savers," said RateCity research director Sally Tindall.
Steve Mickenbecker from Canstar expects more banks will announce their pricing on savings accounts in the coming weeks. "Knowing that the rates were about to go up, knowing what that would do to our potential serviceability, that is causing a lot of anxiety." "We would at least be building a buffer … even if it is $50 over a year, that is still a little bit of additional money that can be helpful in the long run."In general, when interest rates go up, banks do make more profits, but there are other factors than just higher variable mortgage rates.
"We can see banks now seem to be scrambling to basically increase term deposit rates. This creates a degree of complexity on the margin that had not been expected.
How about an interest rate that actually accounts for the true rate of inflation? Maybe 10 percent? maybe more?
they'll take it in fees... the banks are like casionos, they never lose
It will when government stops handing it out to people for nothing.
Until bank savings rates go above 5%, many won't bother Consumers have no choice but spend on essential petrol mortgage and groceries regardless if RBA raise rates higher to 10% Answer lies in families downsizing to smaller cars or EVs,walk,car pool,cut meat intake, productivity
Still waiting for increases on my accounts...
58 cents interest for 4 figures in a savings account while charging me $ 5 to operate the account ! I am no Einstein but I am not going to be rewarded for saving anytime soon !
58 cents interest for 4 figures in a savings account while charging me $ 5 to operate the account ! I am no Einstein but I not going to be rewarded for saving anytime soon !
I opened my first savings account on 1988 and it had a 4.(something) interest rate. I doubt we'll see that very soon. I think everyone is far too leveraged to start really saving and put pressure on banks.
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Source: FinancialReview - 🏆 2. / 90 Read more »