Savers’ in­ter­est mea­gre at best

Mercury (Hobart) - - BUSINESS -

THE big four banks are of­fer­ing savers ap­pallingly poor rates as low as just 0.1 per cent on their hard-earned cash.

Anal­y­sis of sav­ings ac­counts found the na­tion’s largest four banks all of­fer hon­ey­moon deals on their reg­u­lar sav­ings ac­counts be­tween 1.6 and 1.7 per cent, be­fore they plum­met to 0.1 or 0.11 per cent once that pe­riod ends.

On the Com­mon­wealth Bank’s pop­u­lar NetBank Saver ac­count their in­tro rate of 1.65 per cent drops af­ter a five­month in­tro­duc­tory pe­riod to just 0.1 per cent.

On $10,000 in sav­ings this would de­liver new savers $74.35 in in­ter­est over a 12month pe­riod, while it would give just $10 in in­ter­est to ex­ist­ing cus­tomers, anal­y­sis by fi­nan­cial com­par­i­son site RateCity found.

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