Savers’ interest meagre at best
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.