Smaller banks flourish after guarantee
The government’s decision to guarantee all cash held in Australian bank accounts has allowed smaller institutions to flourish, NineMSN has reported.
Indeed, the website points to recent research which has shown that for term deposits over $10,000, eight out of ten of the best rates on offer are provided by non-banks.
As such, the website urges Aussies to make sure they shop around for the best deal in order to take advantage of the best bank accounts while savings interest rates are at record lows.
Meanwhile, consumers were also advised to be on the lookout for cheap credit cards provided by retailers as 2009 gets underway.
“Yes, when you call into your local Woollies you can pick up a credit card to go with your milk and bread. What next? The Woolworths Home Loan?" enthuses money expert Effie Zahos.
Meanwhile, the website has also reported that the Reserve Bank may hold off making another rate cut for a few months after retail figures showed that Aussies were still happy to splash the cash in November.