Savers Win

Source: Sun Herald
August 24, 2009

Savers can collect effective returns of up to 7.0 per cent per year by putting their money into term deposits. RaboBank is currently offering five year term deposits of seven per cent per year, 5.5 per cent above the current official inflation rate.Rabo is an AAA rated institution with a government bank guarantee on deposits, making that rate of return effectively risk free. Online savings accounts are offering over four per cent.Meanwhile Commonwealth Bank shareholders have had to endure a 25 per cent cut in the dividend payments because the bank says it has to be prudent.