'We have never seen rates this low': Aussies losing money on their savings

Australians who rely on their bank savings to earn interest are already getting some of the lowest rates on record — and they are expected to drop even further in the coming months.These promotional rates often fall to 0.2-0.5pc after several months — much lower than the rate of inflation

Several banks have since matched or exceeded the RBA's move, by lowering the interest rates on their savings accounts by at least 0.25 percentage points, including National Australia Bank, Suncorp, Citi and ING. Many banks are enticing customers with above market savings rates for the first few months, but they attract certain conditions — requiring customers to deposit a minimum amount, or not withdraw any money each month.

It's the Retiree Tax you have to have, when the LNP's poor economic management results in the lowest interest rates ever and stuff anyone with their savings in a bank.

Buy a boat if you really want to lose money.

I'm taking a bank cheque & putting it a saftey deposit box. Fuck the banks! If more people did the same they'd soon maintain your interest rates as domestic deposits are cheaper than overseas capital.

Boo hoo. Welcome to the Newstart universe, where meagre inflation increases are outstripped by the cost of living ...

YOKYOKbeers If only savers could just get better interests. - Joe Hockey

How good is losing money?

And they charge 20% interest on a credit card. Where is our government with this rip-off? Bloody low life incompetent politicians, do something and do it now.

Just borrow and spend, for the good of Australia 👍.

Investment is a bit tricky at the moment, use your cash to add value to an asset that you plan to hold for the medium to long term, even loan extra to maximise that return. i.e. Renovate, improve and extend your real estate holdings. It beats seeing inflation eating your cash.

Between fees and interest rates better off just putting it in a safe at home

There's always an option and that's why people are turning to crypto currency.

Why the hell would people be using “Bank Savings” as a primary investment vehicle? If so, this is a financial-industry-wide failure.

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