First Home Saver Account scheme abandoned by CBA

Mozo

Monday 22 August 2011

Aussies looking for savings accounts to enable them to get together enough money to put down a deposit on a house may want to consider looking at the First Home Saver Account offered by the ANZ.

CBA abandons government-backed savings account

The financial institution is the only one to offer the government-backed scheme after the Commonwealth Bank of Australia (CBA) backed out.

Only 18 organisations offer the savings account and ANZ is the only one of the big four banks to do so.

According to a spokesperson for the CBA, the reason it withdrew from the scheme was that it believed Aussie savers preferred to store money in term deposits and other alternatives.

Those who prefer to follow this route may want to go online to compare savings accounts to see which option best suits their needs.

Last month, a Mortgage Choice report revealed that 43 per cent of Generation Y Aussies are keener on getting home loans for investment property than for an abode they will live in.

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