The afterglow of the competitive term deposit deals that were introduced after August’s RBA cash rate cut has well and truly faded, after providers reduced rates 137 times in November while increasing them on only 31 occasions, Mozo data revealed.
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The lucrative term deposit interest rate hikes of up to 0.85% introduced by Australia’s biggest banks following August’s RBA rate cut have been short lived, as a large number of top rates were reduced last month, according to Mozo data.
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Term deposit products 12 months and older have higher interest rates than deposits with shorter time-frames, new data has revealed.
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Retirees are increasingly accessing their superannuation funds through an income stream method in comparison to adopting lump sum payment habits, according to fresh ABS statistics.
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Update 04/11/2016: The term deposit rate increases that were introduced by the big banks in August 2016 are all but gone. For full details read our article "Major banks quietly slash term deposit interest rates". With the Reserve Bank slashing the official cash rate by 25 basis points to 1.50%, savings account and term deposit rates were expected to take a hit this month. However, the big banks have gone against the grain, by failing to pass on the full rate cut to home loan customers, but pumping up rates attached to term deposit accounts.
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Baby boomers are the fastest growing earners by demographic in the sharing economy, however Millennials still reign, research conducted by a peer-to-peer lender has shown.
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Aussie savers are feeling the impact of low interest, as the RBA leaves rates on hold at a record low 1.75% for another month, and with further reductions forecast for 2016, term deposit deals are emerging as a strategy for Aussie savers to avoid further rate drops.
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A chunk of Australians 45 years or older are not comfortable retiring at the average age and plan to work until 70 instead, one government survey has found.
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It’s International Women’s Day today, and the gender pay gap is still as relevant a topic as when the date of recognition for females first began in the early 1900s.
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In a new report a think tank has criticised the Australian pension system where taxpayers pay a significant portion of their income to support pensioners whilst still paying their own superannuation.
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