New reforms could impact savings accounts

Aussies have generally found it much tougher to put money aside for a rainy day in recent months thanks to the rising cost of living across the country.

However, many of those lucky enough to have some disposable income have been taking advantage of high interest savings accounts in order to build up a nice nest egg.

Some banks down under offer very attractive packages that have savings account interest rates up to six per cent and do not force their customers to have a minimum deposit in their account. Many are also free from charges.

However, assistant governor at the Reserve Bank of Australia (RBA) Guy Debelle has warned that new global reforms known as Basel III could force institutions to scrap such schemes, as they would no longer be cost effective, the Sydney Morning Herald reports.

"They [savings accounts] will not be particularly attractive from a bank's point of view once those liquidity standards take effect from the beginning of 2015," he remarked.

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