GgoogleAU first seen 17 h ago, last 15 h ago, peak #1

Bank deposit rates hit 6% as lenders compete for savers

Original: savings

Australian banks are lifting savings and deposit rates to as much as 6 per cent as lenders compete fiercely for customer cash, according to The Australian. The competition marks a notable comeback for savers after years of low returns, with banks under pressure to attract deposits. The story is also drawing attention in the United Kingdom, where similar rate competition is under way.

Why now: Deposit rates returning to 6 per cent is a significant shift for savers after years of minimal returns amid rising interest rates.

Australian banksThe AustralianUnited Kingdom

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Evidence

• Rate hike silver lining: Where you park your cash just got more lucrative · The Daily Telegraph
• Want the highest possible savings rate? You might find there’s a catch · SBS
• Bank deposit rates hit 6 per cent as lenders battle for savers in major cash comeback · The Australian

Elsewhere

• GgoogleGB #9 · 5 h ago

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