Household savings shrink with rising inflation

Tuesday January 29, 2008

A pending mortgage rate rise in February, rising inflation, a ridiculously high price to pay for petrol at the pumps is all eating away at the value of household savings, and then there is the free-falling Australian stock market.

It all adds up to tough times ahead for Australian households as the Rudd government embarks on fighting, what's been dubbed, John Howard's parting gift.

The banks certainly haven't helped Australian's with the everyday savings accounts all-earning, basically no interest.

It's now time for people to start shopping around for the best product available to them when it comes to their savings account, rather than just cop it sweet, as I'm sure the majority of us have done in the past.

There are several online 'internet banks' that offer a higher interest rate savings accounts than that being offered by Australia's main banks.

A high interest savings account which you can access at call, that doesn't require you to maintain a minimum balance is available at RaboPlus, an online bank that specialises in lower fees and better rates for their customers.

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