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MONDAY 30TH MAY 2011
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from the s ettlement date of the Great Star t Home L oan, the interes t rate is 1.25%p. a. below the standard variable rate. # Af ter the first 1 2 months, the discount rate will revert to the prevailing Advantage P ackage discount s ubject to the BankSA Advantage P ackage terms and conditions. 0 .70 %p.a . is the current Advantage P ackage
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The expectation that the Reserve
Bank of Australia is likely to lift
official interest rates soon to
combat inflation is prompting a rise
in the popularity of term deposits
of shorter durations.
Term deposits offering safe and
secure returns have generally been
very popular with customers in the
wake of the Global Financial Crisis
and the continued sharemarket
volatility since late 2008.
In the past couple of weeks there
has been a trend by investors to
opt for shorter term deposits as
they enter a “holding pattern’’
with some of their funds while
awaiting decisions from the RBA
on interest rates.
The RBA next meets on June 7.
BankSA general manager Chris
Ward said there was strong
competition in the banking sector
in the deposit market as banks
sought to source more of their
funding from customer deposits
and less from wholesale markets.
He said there had been an
increase recently in people
choosing shorter terms for their
bank deposits in anticipation of the
RBA raising rates, instead of longer
terms of 12 months or more.
BankSA’s total deposits increased
by 8% to a record $9 billion in the
six months ended March 31, 2011.
Australians have lifted the amount
they save in the wake of the GFC. The
RBA estimated earlier this year it had
risen to about 10 per cent of household
According to RBA data it had fallen into
the negative between 2002 and 2005,
when Australians on average were
spending more than they were earning.
The household saving ratio in Australia
fell steadily for two decades from the
early 1980s when it was around 15%
of disposable income, but began rising
again from 2005.
HOUSEHOLD SAVINGS RATIO BACK UP
SHORTER TERM DEPOSITS PROVING POPULAR
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