Australian banks no longer paying interest on standard regular everday savings accounts and also charging fees to have those accounts !

With Covid and the crash in interest rates down to basically zero in 2021/22, lots of banks stopped paying interest on normal savings accounts and now that rates on lending are back up, savings accounts still earn no interest at many banks (including some of the big ones) yet banks still slug customers with massive interest rates on credit cards. You'd think banks want your savings business but do nothing to earn your loyalty for day-to-day normal deposit account services.

Many also charge account keeping fees on basic savings accounts despite paying no interest to incentivise actually 'saving'! Yet banks claim depositors were able to amass massive savings buffers during Covid. I never have had more than a 3 figure savings balance.

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Venturist

Australian economy is pretty strong. U.S. banms are paying up to 4%.

SW-User

@Venturist Our official lending rates set by the Reserve Bank were as low as 0.1 pct and are now nearly 5 pct, but normal savings accounts (everyday use ones) mostly still get no interest and you have to deposit like $2000 minimum a month to avoid the account keeping fee(s). So in other words unless you use the account for your pay, you can't escape the fee, but if you use the account for your pay and don't use all the money, you don't earn any interest on the balance. You have to set up a 'walled in' high interest savings account that you can't access via your normal debit or credit card for payments or at an atm.

Venturist

@SW-User oh that kinda sucks. Seems like they want you to setup direct deposit to waive the fee. But still pretty garbage terms.

SW-User

@Venturist They expect you to put your pay into the account. Not all require $2000 min deposit and a very limited number of 'withdrawals' (basically anything that pulls money out). Some only require $1000, but for a low income earner you can't get any savings account that pays interest with no fees anymore.

in10RjFox · MVIP

It's a good thing actually. That means they have stopped lending our money. This will bring down inflation.

SatyrService · M

Banking often devolves into scams the fewer banks? the more they Squeeeeeez

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SatyrService · M

@SW-User our entire economy was near crashed by bank/realestate shenanigans and tho one of them was dissolved,, and assets sent to the others no one went to jail or even paid much of a fine some of them even went on to join the government Jamie Dimond

SW-User

@SatyrService One the the three pillars of Covid 'weaponisation' was accelerated wealth concentration by the elite, and now everyone else is being made to 'pay up' to 'fill' the funding void.

SatyrService · M

@SW-User OK, now you have my attention! Looks like a real mind at work here. Not just another robot spouting whatever the left or right machine gift to them.I am now seriously interested in what you have to say

SW-User

Which Bank ?

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SW-User

@SW-User Commonwealth Bank on it's basic 'everyday' savings account. many credit unions and mutual banks on their equivalent basic savings account also stopped paying interest on savings in mid-2020.

SatyrService · M

@SW-User All hail, our fiscal overlords

SW-User

@SW-User [media=https://youtu.be/pTG0_jEvOnA]

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