The Deposit Rate Plot Thickens: With Steve Mickenbecker

An important discussion about the games banks are playing in relation to the setting of deposit interest rates, in the context of the RBA rate hikes.

Steve Mickenbecker from Canstar and I explore the elements which are driving returns lower than they should be, and what we can do about it. Another case of the apathy tax at work!

Steve Mickenbecker is in Canstar’s Group Executive Team, bringing more than 30 years of experience in the Australian financial services industry. As a financial commentator for Canstar, Steve enjoys sharing his expertise across topics such as home loans, superannuation, insurance, mortgages, banking, credit cards, investment, budgeting, money management and more.

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  1. Steve you're missing the point if I give the ANZ bank a $10k unsecured loan (deposit) they will give me 2.70% … they say😂. If they give me a $10k unsecured loan the BEST I can get is 6.49% … and they expect me to start repaying that to them almost immediately. That's a 3.79% spread.

  2. Yep they have been ripping off the Superannuation funds
    Colonial First state and the Commonwealth Bank enquire to Slater & Gordon Laywers about the group class action in the courts. It's free have a look if you have been scammed

  3. Note also that if I have a fixed term deposit and make a certain amount of interest Treasury wants to tax my 'profit', note however if I borrow the same amount for the same term there's no way I can claim a tax rebate for the interest paid UNLESS it's for a negatively geared property. Gotta love I system 2 standards.

  4. Why on earth do people leave their money at a banking institution? This is crazy! The corrupt banksters are financially exploiting their customer' good will.
    Once your employer electronically transfers your pay into your bank account, then immediately withdrawal it.
    Do not allow the corrupt and unethical Ponzi banking institution the opportunity to make money – via fractional reserve lending – using your capital. The banksters make huge profits on your unsecured credit you lend to the institution but receive NO benefit. And what little you do receive in interest is taxed by the ATO.

  5. A bit of a freaks at the bank today when a depositor turned up and wanted his 850,000 and he wanted it straight away he was very abusive claiming the bank was ripping him off and he was taking his business elsewhere and he is dead right the banks are ripping people off

  6. I need to correct you gents it’s not money in a bank it’s currency or fugasis ie fairy dust & when you pay it into a bank it’s no longer legally yours your lending it to the bank in return for interest…do not keep your wealth in a physical Gold !!

  7. A totally debt driven system doesn't need depositors when they can print funny money at an exponential rate.
    Savings accounts are probably just a necessary inconvenience to most banks.
    The lag between mortgage and savings rates increases is no surprise and only further proves how much they deserve a 60% plus, 'correction' on stock value. The sooner the better.

  8. I got told I need to 'update' my account to get a better interest rate, when asked why – I got told 'oh this is normal, we've always done this'. I get how different accounts have different rates, but I've never ever had to update a standard bank account to the same account to get a better interest rate in 20+ years I've been with them. I was appalled of such underhanded tactics from a credit union.

  9. How can they do it?

    Colusion. The big 4 are a cartel.

    There would be a benefit for one bank to offer a better rate and get the deposites of retail at a cheaper rate than they can get from the wholesale market.

    They don't because the banks are all in this together.

  10. I'm surprised that this video doesn't mention the fact that leaving any amount of money in any bank indicates to the bank that you are a creditor to the bank and they can confiscate that money at any time. It's happening in lots of countries around the world. It's not a conspiracy theory.

  11. I’m with Westpac. And while so far they have passed on the full amount as the RBA raises rates they usually do it about 3 weeks later. It’s a bank after all, what do you expect apart from greed?

  12. banks know where rates are heading, they were offering lower rates for the longer terms as they were coming down, I wouldn't go for more than 6 months at this stage but preferably just a high interest savings account.

  13. It’s definitely worth doing, I’m saving a house deposit at the moment (not that I’ll buy anytime soon with the current state of play) and moved from 2.1% to the ANZ 2.7%, took about half an hour and I’m looking at getting an extra $500 in interest over the next 12 months, sure I’ll pay tax on that but I’ll still pocket ~$350 for half an hours effort, I don’t know about anyone else but I’ve never worked at a pay rate of $700 per hour before.

  14. Martin, you should do a live show now as CPI just came in HOT! Could be a thousand point down day for Dow. This is playing out as you and Tarric have been talking.

  15. I have purchased shares in my bank. Ironically I earn far more in dividends (plus some capital gains) as a shareholder, than I get on my deposit accounts with same bank………stupid system, utterly rigged. So I’m paying myself through an indirect mechanism (the ASX), because the bank isn’t paying me adequately on my deposits as a customer. I have more value to my bank currently as a shareholder than as an actual customer. Thank goodness our mortgage is fully paid off and we don’t owe any debt anymore.

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