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9 Oct 2020

Friday Tidbit

It has taken 30 years for fixed term deposit rates to utterly collapse.

Click for chart.

My mother just received her 8 month fixed term deposit renewal notice from Commonwealth Bank of Australia which has offered 0.05% per annum to renew.

That is not half a percent but 0.05% or $33 of interest income per $100,000 deposited for 8 months.

Seriously, what does $33 buy?

Using cash or fixed term deposit as a defensive asset solution no longer makes any sense.

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At Newealth we are always looking to support and promote our clients wherever possible and if you have any ideas or comments, please feel free to email me or to call me on +61 2 9267 2322.

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