![]() Read: Rising inflation biggest threat to retirement income They are not online or don’t trust ‘online’ for banking transactions. The other thing is that a lot of term deposit holders, particularly older ones, are not tech-savvy. People, certainly older people who keep their savings in term deposits, tend to stick with ‘their’ bank. The Big Four banks (and a swathe of smaller banks and building societies) are relying on two things in their paltry term deposit rate offerings. They close branches when they become unprofitable. The Big Four can’t justify almost eight times less in interest on annual term deposits by pointing to their shopfront branches and arguing that it costs a lot to run those branches. ![]() It’s a small manifestation of the ‘digital divide’ – the exclusion of those not online. Read: How to protect yourself when doing your day-to-day banking That is fine if you are online, but if you’re not, or you don’t trust online banking, you miss out. If you want a 1.9 per cent term deposit, you will be applying and depositing online. MyLifeFinance, Macquarie Bank, AMP and Judo Bank don’t have branches. It’s a great name, explained by Judo’s “high-touch, high-tech” approach and nothing to do with how Judo’s security guards provide security at its branches. If you want to go a little obscure, Judo Bank also offers 1.9 per cent. Read: Big Four bank still ‘not doing the right thing by the customer’
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