Following pressure from the Australian Competition and Consumer Commission’s Covid-19 Taskforce (ACCC), Qantas made the decision late last week to refund passengers whose flights had been cancelled due to travel restrictions.
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Term deposits certainly didn’t stand still in May with Mozo counting a whopping 500 individual interest rate cuts from 60 different banks and credit unions*.
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Australian savers hardly need reminding of the steady fall in term deposit and savings account rates in recent years - a trend accelerated by five Reserve Bank cuts to the official cash rate in 12 months.
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A number of term deposits with rates towards the higher end of the market have been tweaked in recent days, including offers from Judo Bank, Rabobank and UBank.
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If you were following term deposit rates in April, then your head is probably in a bit of a spin.
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Kudos go to Qudos Bank this morning, as it increases three to twelve month term deposit rates amidst the COVID-19 crisis.
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One month on from the Reserve Bank’s emergency cash rate cut in mid-March and something a little unexpected is happening in the world of savings. Amongst all the interest rate decreases, it would seem that one-year term deposit rates are actually increasing.
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Your Easter feast is going to be a little different this year. With strict COVID-19 social distancing measures now in place, you’ll undoubtedly have fewer partygoers at the table. You might also have to make do with a shorter grocery list or rely on home delivery if you’re quarantining.
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Aussies love a long weekend. But this Easter things are looking a little different than the usual four-day getaways, easter-egg hunts and long lunches with the extended family.
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It’s understandable if you’re becoming increasingly cautious about where to store your hard-earned nest egg in 2020. The March RBA rate cuts and uncertain economic environment hasn’t been kind to savers, even with some banks recently giving term deposits a boost.
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