Aussie Savings Account Interest

[KhunHeineken]

On 10/17/2024 at 11:07 AM, Pattaya57 said:

So the rumour is that the RBA will drop the interest rate by 0.25% on the 5th of November

Link????

[Pattaya57]

Savings interest is good for at least another month 😀

 

"The Reserve Bank of Australia has kept interest rates on hold at 4.35 per cent for its eight-straight meeting, despite inflation falling to its lowest level in almost four years"

 

[KhunHeineken]

On 11/5/2024 at 5:21 AM, Pattaya57 said:

Savings interest is good for at least another month 😀

 

"The Reserve Bank of Australia has kept interest rates on hold at 4.35 per cent for its eight-straight meeting, despite inflation falling to its lowest level in almost four years"

 

Depends if your amount of savings produces enough interest to keep ahead of inflation, doesn't it? 

 

Then, you have to consider many things are increasing in price more than the CPI. 

[Pattaya57]

Paying a fee to withdraw your own cash making news. Commonwealth bank announced a $3 withdrawal fee for cash last month, luckily due to the public outrage Comm Bank quickly cancelled the fee.

 

However now Bendigo bank has announced a $2.50 fee for withdrawing cash over the counter calling it a 'service fee'. 

 

Meanwhile interest rates are still good with predictions mixed for RBA rate cut on 18 Feb.

 

[gearbox]

8 hours ago, Pattaya57 said:

Paying a fee to withdraw your own cash making news. Commonwealth bank announced a $3 withdrawal fee for cash last month, luckily due to the public outrage Comm Bank quickly cancelled the fee.

 

However now Bendigo bank has announced a $2.50 fee for withdrawing cash over the counter calling it a 'service fee'. 

 

Meanwhile interest rates are still good with predictions mixed for RBA rate cut on 18 Feb.

 

Why would you withdraw cash over the counter? Unless it is many thousands use ATM. Some of the banks allow you to increase daily limits considerably.

[Pattaya57]

36 minutes ago, gearbox said:

Why would you withdraw cash over the counter? Unless it is many thousands use ATM. Some of the banks allow you to increase daily limits considerably.

Where I live part time in Maroochydore all the older 65+ people still seem to use over the counter transactions. I can relate as at 59 I refuse to use the order kiosks at McDonalds and KFC in Pattaya

 

Damn new-fangled techology 😆 

[georgegeorgia]

15 minutes ago, Pattaya57 said:

Where I live part time in Maroochydore all the older 65+ people still seem to use over the counter transactions. I can relate as at 59 I refuse to use the order kiosks at McDonalds and KFC in Pattaya

 

Damn new-fangled techology 😆 

Where is this place ??? 

Queensland?

[KhunHeineken]

On 1/8/2025 at 12:40 PM, gearbox said:

Why would you withdraw cash over the counter? Unless it is many thousands use ATM. Some of the banks allow you to increase daily limits considerably.

Many of the elderly feel safer handling their cash inside the branch, and not on the footpath.  There's good reason for this.  Many of them would get their handbag snatched just leaving the ATM on pension day.  

 

Probably why some banks now have their ATM's behind sliding doors, 24/7, that you need to swipe your card to gain access.