Savers dump major banks as rates plunge
Savers are quitting the big four banks as falling rates force them into higher yielding accounts or alternative asset classes, such as equities or property, analysis by global investment bank Morgan Stanley reveals.
Household deposit growth for major banks, such as Commonwealth Bank of Australia and National Australia Bank, have plunged by about 9 per cent as flows of more than 4 per cent have turned into equivalent withdrawals over the past 12 months.
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