Australian Politics Forum - Never a mention how T/Deposits are earning nothing

Lord Herbert

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Never a mention how T/Deposits are earning nothing
Nov 1^st, 2015 at 7:43am

For years now the evening news anchor smiles indulgently and tells us how the RBA has once again lowered the interest rate - and aren't we so lucky out here in suburbia?

NEVER do these news anchor people mention the fact that a million or so aged pensioners out here in the suburbs whose meagre savings in bank Term Deposits is now returning almost zero in interest payments.

The Old Folk have become the elephant-in-the-room ... ignored ...denied ... to be nudged out of sight of the television cameras.

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Lisa Jones

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Re: Never a mention how T/Deposits are earning nothing
Reply #1 - Nov 1^st, 2015 at 7:49am

Lord Herbert wrote on Nov 1^st, 2015 at 7:43am:

For years now the evening news anchor smiles indulgently and tells us how the RBA has once again lowered the interest rate - and aren't we so lucky out here in suburbia?

NEVER do these news anchor people mention the fact that a million or so aged pensioners out here in the suburbs whose meagre savings in bank Term Deposits is now returning almost zero in interest payments.

The Old Folk have become the elephant-in-the-room ... ignored ...denied ... to be nudged out of sight of the television cameras.

Term deposits?

Grin

WOFTAM.

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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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Lord Herbert

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Re: Never a mention how T/Deposits are earning nothing
Reply #2 - Nov 1^st, 2015 at 8:15am

Lisa Jones wrote on Nov 1^st, 2015 at 7:49am:

Lord Herbert wrote on Nov 1^st, 2015 at 7:43am:

For years now the evening news anchor smiles indulgently and tells us how the RBA has once again lowered the interest rate - and aren't we so lucky out here in suburbia?

NEVER do these news anchor people mention the fact that a million or so aged pensioners out here in the suburbs whose meagre savings in bank Term Deposits is now returning almost zero in interest payments.

The Old Folk have become the elephant-in-the-room ... ignored ...denied ... to be nudged out of sight of the television cameras.

Term deposits?

Grin

WOFTAM.

DMPOSRT?

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Ex Dame Pansi

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Re: Never a mention how T/Deposits are earning nothing
Reply #3 - Nov 1^st, 2015 at 8:26am

Lord Herbert wrote on Nov 1^st, 2015 at 8:15am:

Lisa Jones wrote on Nov 1^st, 2015 at 7:49am:

Lord Herbert wrote on Nov 1^st, 2015 at 7:43am:

For years now the evening news anchor smiles indulgently and tells us how the RBA has once again lowered the interest rate - and aren't we so lucky out here in suburbia?

NEVER do these news anchor people mention the fact that a million or so aged pensioners out here in the suburbs whose meagre savings in bank Term Deposits is now returning almost zero in interest payments.

The Old Folk have become the elephant-in-the-room ... ignored ...denied ... to be nudged out of sight of the television cameras.

Term deposits?

Grin

WOFTAM.

DMPOSRT?

SCSCSC.... Huh

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"When the power of love overcomes the love of power, the world will know peace." Hendrix
andrei said: Great isn't it? Seeing boatloads of what is nothing more than human garbage turn up.....

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miketrees Gold Member Offline Australian Politics Posts: 6492 Gender:	Re: Never a mention how T/Deposits are earning nothing Reply #4 - Nov 1^st, 2015 at 8:33am OH TERM deposits,,, I misread it. I thought Herb was saving up something else in a bank
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Lord Herbert

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Re: Never a mention how T/Deposits are earning nothing
Reply #5 - Nov 1^st, 2015 at 8:34am

Ex Dame Pansi wrote on Nov 1^st, 2015 at 8:26am:

Lord Herbert wrote on Nov 1^st, 2015 at 8:15am:

Lisa Jones wrote on Nov 1^st, 2015 at 7:49am:

Lord Herbert wrote on Nov 1^st, 2015 at 7:43am:

For years now the evening news anchor smiles indulgently and tells us how the RBA has once again lowered the interest rate - and aren't we so lucky out here in suburbia?

NEVER do these news anchor people mention the fact that a million or so aged pensioners out here in the suburbs whose meagre savings in bank Term Deposits is now returning almost zero in interest payments.

The Old Folk have become the elephant-in-the-room ... ignored ...denied ... to be nudged out of sight of the television cameras.

Term deposits?

Grin

WOFTAM.

DMPOSRT?

SCSCSC.... Huh

HUH?RU4REAL? Cool

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Lisa Jones

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Re: Never a mention how T/Deposits are earning nothing
Reply #6 - Nov 1^st, 2015 at 8:48am

Lord Herbert wrote on Nov 1^st, 2015 at 8:15am:

Lisa Jones wrote on Nov 1^st, 2015 at 7:49am:

Lord Herbert wrote on Nov 1^st, 2015 at 7:43am:

For years now the evening news anchor smiles indulgently and tells us how the RBA has once again lowered the interest rate - and aren't we so lucky out here in suburbia?

NEVER do these news anchor people mention the fact that a million or so aged pensioners out here in the suburbs whose meagre savings in bank Term Deposits is now returning almost zero in interest payments.

The Old Folk have become the elephant-in-the-room ... ignored ...denied ... to be nudged out of sight of the television cameras.

Term deposits?

Grin

WOFTAM.

DMPOSRT?

Yep. That too.

You never put money in term deposits Herb.

Waste Of Farkking Time And Money.

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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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Lord Herbert

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Re: Never a mention how T/Deposits are earning nothing
Reply #7 - Nov 1^st, 2015 at 10:17am

Lisa Jones wrote on Nov 1^st, 2015 at 8:48am:

Yep. That too.

You never put money in term deposits Herb.

Waste Of Farkking Time And Money.

Did I ever tell you how I nearly lost every last dollar I owned?

Fincorp.

I had the brochures on my coffee table for months - procrastinating because I was buzzing around Sydney at the time doing casual work here and there.

The terms were great. Nice little earner if I could just stop long enough to fill out all the forms and post the letter. Blue Ribbon investment firm. Ya couldn't lose, mate.

And then one day I was watching the evening news on Channel Nine and a bomb exploded in my head.

The blood drained from my face, and I nearly pitched forward onto the carpet in an apoplectic fit.

Fincorp had just gone into receivership and tens of thousands of 'Mum and Dad' investors had lost all their savings overnight.

Skint. Broke. Perhaps 5 cents back in the dollar. Even the Secured investments had turned into a pile of poo.

That's when I crunched down onto my knees and REDISCOVERED JESUS ... Cool

I made a vow there and then that I would never again think in terms of being ... greedy.

The money remained in the bank's Term Deposit scheme - and that's where it will remain.

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Ajax

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Re: Never a mention how T/Deposits are earning nothing
Reply #8 - Nov 1^st, 2015 at 10:21am

Lord Herbert wrote on Nov 1^st, 2015 at 7:43am:

For years now the evening news anchor smiles indulgently and tells us how the RBA has once again lowered the interest rate - and aren't we so lucky out here in suburbia?

NEVER do these news anchor people mention the fact that a million or so aged pensioners out here in the suburbs whose meagre savings in bank Term Deposits is now returning almost zero in interest payments.

The Old Folk have become the elephant-in-the-room ... ignored ...denied ... to be nudged out of sight of the television cameras.

Once you stop paying taxes you are no longer a valued member of the community.

A bit like overheads to the bean counters.

Invest in property.......!

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1. There has never been a more serious assault on our standard of living than Anthropogenic Global Warming..Ajax
2. "One hour of freedom is worth more than 40 years of slavery & prison" Regas Feraeos

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Lord Herbert

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Re: Never a mention how T/Deposits are earning nothing
Reply #9 - Nov 1^st, 2015 at 10:35am

Ajax wrote on Nov 1^st, 2015 at 10:21am:

Quote:

Once you stop paying taxes you are no longer a valued member of the community.

Correct - that is, until you're lying on your Death Bed like a smörgåsbord waiting for the doctors to chose which parts they can use immediately, and which parts they can put into the fridge like Jeffrey Dahmer did.

Ajax wrote on Nov 1^st, 2015 at 10:21am:

A bit like overheads to the bean counters.

Invest in property.......!

I'm talking small potatoes, Ajax - not a property-buying amount.

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Redmond Neck

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Re: Never a mention how T/Deposits are earning nothing
Reply #10 - Nov 1^st, 2015 at 10:49am

Herb has a good point though, the greedy banks screw their customers in every way they can but offer virtually no interest on bank savings which people like pensioners and unemployed etc often have to use,

I think they are particularly greedy on their fees for credit cards balances up to 20%pa when normal loan rates are less than half. This I think particularly attacks the poor that may not be able to pay off their balance at the end of each month.

They need some controls introduced in my opinion.

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BAN ALL THESE ABO SITES RECOGNITIONS.

ALL AUSTRALIA IS FOR ALL AUSTRALIANS!

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Bobby.

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Re: Never a mention how T/Deposits are earning nothing
Reply #11 - Nov 1^st, 2015 at 10:51am

Lord Herbert wrote on Nov 1^st, 2015 at 10:17am:

Lisa Jones wrote on Nov 1^st, 2015 at 8:48am:

Yep. That too.

You never put money in term deposits Herb.

Waste Of Farkking Time And Money.

Did I ever tell you how I nearly lost every last dollar I owned?

Fincorp.

I had the brochures on my coffee table for months - procrastinating because I was buzzing around Sydney at the time doing casual work here and there.

The terms were great. Nice little earner if I could just stop long enough to fill out all the forms and post the letter. Blue Ribbon investment firm. Ya couldn't lose, mate.

And then one day I was watching the evening news on Channel Nine and a bomb exploded in my head.

The blood drained from my face, and I nearly pitched forward onto the carpet in an apoplectic fit.

Fincorp had just gone into receivership and tens of thousands of 'Mum and Dad' investors had lost all their savings overnight.

Skint. Broke. Perhaps 5 cents back in the dollar. Even the Secured investments had turned into a pile of poo.

That's when I crunched down onto my knees and REDISCOVERED JESUS ... Cool

I made a vow there and then that I would never again think in terms of being ... greedy.

The money remained in the bank's Term Deposit scheme - and that's where it will remain.

Term deposits can be a pain the arse -
as the tax dept will do you for tax installments.

However there is nothing much else around -
other than shares -
but as with BHP - they were nearly $38 not so long ago
& now they are $22 -
where is the bottom of the market for shares now?

The best bet would have been to put your money in a US Bank a few years ago -
you would have made 30% on it compared to the A$.

I am at a loss to know what to do now.

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freediver Gold Member Offline www.ozpolitic.com Posts: 53463 At my desk.	Re: Never a mention how T/Deposits are earning nothing Reply #12 - Nov 1^st, 2015 at 11:51am Interest rates are typically high when inflation rates are also high - handy if you have a house or some other big investment to draw down on, but not a good thing if all you have is a pile of money.
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Lord Herbert

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Re: Never a mention how T/Deposits are earning nothing
Reply #13 - Nov 1^st, 2015 at 12:02pm

Redmond Neck wrote on Nov 1^st, 2015 at 10:49am:

Herb has a good point though, the greedy banks screw their customers in every way they can but offer virtually no interest on bank savings which people like pensioners and unemployed etc often have to use,

I think they are particularly greedy on their fees for credit cards balances up to 20%pa when normal loan rates are less than half. This I think particularly attacks the poor that may not be able to pay off their balance at the end of each month.

They need some controls introduced in my opinion.

I have only ever used my credit card to buy what is in the account. The bank hates me for that. They hate it that I use my Visa Card as a Debit Card to buy stuff off the internet or over the phone.

They charge me only $25 per annum for the card - 50 cents a week - and that's all they get out of me.

They used to bombard me with letters trying to entice me to over-draw on my Credit Card funds.

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Lord Herbert

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Re: Never a mention how T/Deposits are earning nothing
Reply #14 - Nov 1^st, 2015 at 12:05pm

freediver wrote on Nov 1^st, 2015 at 11:51am:

Interest rates are typically high when inflation rates are also high - handy if you have a house or some other big investment to draw down on, but not a good thing if all you have is a pile of money.

As an Age Pensioner I'm only allowed to earn so much a fortnight before the pension then starts to be trimmed down.

If you've got money in a bank's Term Deposit - then it's a lot better to be earning 6% int. pa than 2% pa.

I could pull my money out and invest it in high-return risky ventures - but I've seen too many Get Rich Quick schemes go bust .. and that includes one-time highly respected investment firms.

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« Last Edit: Nov 1^st, 2015 at 1:06pm by Lord Herbert »

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