Rising deposits lead to bumper bank balances
Customer bank deposits have risen by about $77 billion since the onset of the credit crunch, new figures show.
Data from the Australian Prudential Regulation Authority (APRA) reveals that households collectively held $462 billion in bank deposits in June this year – up from the $385 billion recorded in September 2008, the Daily Telegraph reported.
The newspaper noted that consumers have been more inclined to compare term deposits during the global financial crisis. Banks have attempted to outdo each other and bolster their funding sources by offering strong interest rates on deposits.
Indeed, it was also revealed that the banks have witnessed a 20 per cent increase in household deposits since the beginnings of the financial meltdown.
According to APRA’s figures, ANZ has secured the greatest boost in percentage terms for deposits, with its deposit base growing 30.2 per cent to $64.4 billion.
Last week, Charter Hall direct property chief executive Richard Stacker told the Herald Sun that long-term savers should consider growing their capital returns by reinvesting in the recovering property fund market.
This article is brought to you by Mozo – Helping you compare term deposits