The banks are playing silly buggers with your savings

I received a question on social media the other day, from Ash.

It’s a good one.

Hi Scott,

I have my savings in CommBank Goalsaver right now and the interest rate is only 0.4%. I told them ING is 1.35%, but they said there’s not much they can do.

Should I move some to ING?

I buy shares and still looking at a house later in the year, but my savings aren’t doing much at all anymore with CommBank in the meantime.

Thanks if you can help me at all, appreciate your advice

Ash

It’s a good question on a few levels.

First, while we obsess over interest rates, much of the reporting is done through the prism of home mortgages, and occasionally the impact on business.

That’s understandable – those are the areas that are probably…