Bank deposits are being eroded by inflation as banks continue to slash rates – ABC News (Australian Broadcasting Corporation)

Graphic of a savings piggy bank loosing money.

Key points:

Most key savings and term deposit rates are below the inflation rates, eroding savers’ purchasing power
Standard savings accounts returns at major banks drop to around 0.1pc once introductory rates expire after a couple of months
Looking for better returns for savings means taking on higher risk

via Bank deposits are being eroded by inflation as banks continue to slash rates – ABC News (Australian Broadcasting Corporation)