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Billions of dollars in extra savings are earning nothing

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Consumer savings have continued to grow strongly during the pandemic as more people get their personal finances in order, but billions of dollars of those extra savings are sitting in bank accounts earning next to nothing in interest.

, analysed by RateCity, show an additional $124 billion was on deposit in March this year, compared to March, 2020, as the economic and health implications of COVID-19 took hold.

RateCity research director Sally Tindall says families have prioritised their personal finances in the wake of COVID-19.

 

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Imagine. When this cash could be used to buy houses and expand the housing bubble even further.

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