Savings accounts figures skyrocket in recession

Savings accounts figures skyrocket in recession

20 May 2009

Over the last six months up until March 31st 2009 Australians have deposited over $38 billion in their savings accounts, the highest in twenty years. Figures show that the average Australian household savings climbed by 9 percent since the last quarter in 2008 tax income.

Figures were broken down across the big banks with Westpac reporting the highest increase in deposits number by rising 21 percent in the same time frame.

This growth has been attributed to various factors with people now playing it safe in face of the recession, but it also coincides with the rise in online saver accounts.

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