Interest Rates: Mortgage Pressures and Term Deposits

interest rates: As home owners await an anticipated interest rate cut to ease their mortgage pressures, older Australians who have their money in the banks are getting shafted, according to Nine News Australia. In the past two months, all the major banks have cut interest rates on their one, three and five-year term deposits. To improve your experience update it here News National Savers losing out as millions of dollars in term deposits earn almost no interest By Ross Greenwood Finance Editor7 40pm May 9, have almost 630 billion dollars sitting in term deposits right now earning as little as 1.0 per cent interest. The best savings account is with BOQ. 9news The latest figures from the Reserve Bank of Australia show a total of 627.8 billion in term deposit accounts with many older Australians relying on the interest to top up their pensions. ASIC fears that the diabolically low interest rates on savings accounts could drive older Australians to pursue risky investments that promise higher returns. There are also 38.13 million accounts in the country accessible by debit cards, usually earning less than 1 per cent interest. (news.financializer.com). As reported in the news.