Bank Account interest rates extremely low

My bank's interest rate was already pitifully low at 0.65%
So what did they do? They lowered it to 0.455%.
They blame the Reserve Bank for cutting the cash rate to 0.63%.
You may say, Term Deposits are a better option, not so.
A 5 year term deposit pays a pitiful 0.65%.
My bank still made $11 million Profit.
They gladly use my money to generate their profit whilst paying me the minimum rate for the use of my money.
Banks wonder why they are among the least trusted businesses, what with all the fraudulent behaviour being uncovered.

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Picklebobble2 · 56-60, M

Governments have told them to do that.

I read a report before Christmas that said something like 25% of all cash out there is sat at home.
Not even in a bank account !

Governments want people to spend money and in so doing re-float their respective economies without the government needing to borrow so much.
So they pay savers next to nothing to encourage spending (supposedly)

Of course. This doesn't take into account the fact that there's a worldwide pandemic going on !
This doesn't take into account the fact that wages have been low for almost a decade now !
This doesn't take into account the fact that political planning has been so poor, people who have had their fingers bitten already by covid related policy screw ups, trust neither bank nor government to keep either them nor their savings safe !

Gusman · 61-69, M

@Picklebobble2 As I have said for many years now, the System is seriously broken for the majority of the people.
Only those at the top say that there is nothing wrong.

Australian Band Savage Garden penned a song, Affirmation,
two lines from the song

I believe the struggle for financial freedom isn't fair
I believe the only ones who disagree are millionaires