7 Jul 2022
Australian Interest Rates: Bank saving accounts
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
The RBA (Reserve Bank of Australia) increased the Cash Rate again this week and the one piece of good news from this decision is for savers.
Banks are now offering higher interest rates on savings accounts but there is always a catch (see examples in table above).
Yes it is likely that the RBA will increase the Cash Rate again next month but there will be a limit in how high they can go because the Federal Government cannot afford to financially bankrupt borrows who account for about 30% of Australian households.
Remember, now is the time to remain invested according to your appetite for volatility and continue to buy more quality assets at discounted prices. It is not the time to sell.
If you have family, friends or colleagues that want financial advice please ask them to contact us and we will work out how best to help.
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.