Aussies putting more in savings accounts

Tuesday 01 September 2009

Article by Mozo

Australian people are putting more and more money in their savings accounts, it has been found.

Figures from the Australian Prudential Regulation Authority showed an additional $5.7 billion being put away in July.

News.com.au reported that people were mostly using savings accounts at ANZ, Westpac and St George banks.

According to the article, ANZ has led the way in terms of taking deposits for the last three years, gaining $1.3 billion in July and its retail deposit base reaching $59.3 billion.

Meanwhile, people looking to compare savings accounts chose Westpac for some $1.06 billion-worth of deposits throughout the month.

Both banks are increasing their deposit rates at over 15 per cent every year.

Australian consumers were recently partly credited for helping the country through the recession thanks to spending on credit and debit cards.

This was according to Roget Corbett, board member of the Reserve Bank Australia, who spoke about the economic downturn in an interview with Bloomberg.

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