Stumped investors abandoning term deposits: Westpac

Tue, 03 Nov 2020

The pronounced shift away from bank term deposits into transactional accounts reflects the limited options savers have in a low interest rate environment, Westpac New Zealand chief executive David McLean said.Westpac's annual results show money in transactional accounts jumped 46.7 percent to $22 billion, while term deposits fell 8.8 percent to $31 billion.That's an even greater switch than shown in ANZ Bank NZ's results last week. ANZ reported a 35.7 percent increase to $38 billion in transaction accounts and an 8.9 percent fall to...

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