How do you live on bank interest when rates are this low?

2020 will be remembered for a lot of things.

COVID-19, mostly. And the bush fires that ravaged the country in January and February.

It’s been a helluva year.

2020 will also be remembered as the year the RBA’s official cash rate hit 0.1%.

It’s not zero. But it might as well be.

Yes, it makes mortgages cheaper. And business loans. 

(Not credit cards, though. How good is competition, huh?).

You know the other thing it keeps low? The interest rate on your saving.

Then again, can we really call 0% an interest rate at all?

Whenever the RBA’s rates decisions are made, attention turns instantly to the impact on those with a mortgage.

I guess that’s logical, but it ignores the fact that the majority of Australians don’t have…