They have made us give them 31 days notice if we need our term deposit out earlier, we have never had to yet but if we do need to we would be in trouble. So when one came due last month we went to another bank.
Term deposits are a disaster and not keeping up with cost of living. People who have saved and now want to benefit are being penalised so lower loan rates can lock people into debt. The banks make money either way. It is the government who need to look after retired workers who are trying to live independently on their savings by legislating for better term deposit rates. People like us kept the country going with our taxes and now our spending. We are worth looking after and the banks can contribute more of their profit to AUSTRALIAN SAVERS.
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