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According to chief market strategist at CMC Markets and host of The Artful Trader podcast Michael McCarthy, there are certain investor personality traits that seem to predict success in the share market.

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In this episode of the nestegg Podcast, Michael joins host Grace Ormsby to outline exactly what these characteristics are, the difference between high-risk and low-risk appetites, and how investors can apply different strategies depending on their own personality type.

Michael also explains how fear can be both helpful and a hindrance for confident decision-making, why failure is a crucial process for investors seeking growth, and where budding investors can begin educating themselves about the markets.

Thanks Matthew, for sharing your insights with the nestegg podcast team!

You can keep up to date with what CMC Markets are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Thursday, 23 January 2020

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Borrow

Final big bank alters savings rate

By Cameron Micallef · July 23 2019

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Borrow

Final big bank alters savings rate

By Cameron Micallef
July 23 2019

Reading:

Final big bank alters savings rate

By Cameron Micallef · July 23 2019

Reading:

The last of Australia’s big four banks has announced a reduction in its savings rates following the historical lowering of the country’s official cash rate.

The Commonwealth Bank of Australia has announced that it has cut its online savings rate by 0.15 per cent, putting them on par with the other major banks.

Commenting on the major banks’ moves, Canstar’s finance expert Steve Mickenbecker said retirees will be significantly worse off with rates continuing to fall.

“Self-funded retirees now have to look back nine years for their last pay rise, when the Reserve Bank increased the cash rate to 4.75 per cent,” he highlighted.

“In 2010, the base rates for savings accounts with the major banks averaged at approximately 4.50 per cent, just 0.25 per cent below the cash rate,” Mr Mickenbecker outlined.

Now, with rates of 0.15 per cent and 0.11 per cent, he flagged that the major banks miss the cash rate mark by 0.85 per cent and more.

Falls since the start of January

Canstar research showed that since the start of 2019, investors have lost between 0.2 and 0.54 per cent on their base and bonus saving interest rates due to rate reductions:

ANZ’s progress saver offered 2.40 per cent interest at the beginning of the year and now sits at 1.95 per cent, down 0.45 of a percentage point.
Commonwealth Bank’s goal saver was 1.65 per cent back in January and currently sits at 1.15 per cent, a difference of 0.50 of a percentage point.
NAB’s reward saver was previously offering 2.40 per cent interest, with this figure now sitting at a markedly lower 1.86 per cent, having fallen by 0.54 of a percentage point.
Westpac’s life account offered 2.30 per cent interest at the start of 2019 and currently sits at 2.10 per cent, having dropped just 0.20 of a percentage point.

Breaking up with the big four

If further rate cuts eventuate, Mr Mickenbecker said investors may move away from the big four banks towards other ADIs.

“With commentators expecting another 0.25 percentage point cut to the cash rate this year, savers are now on a zero interest rate trajectory,” he stated.

Calling the trajectory “too much of a crash landing” for some savers, he noted that they may look for a smoother flight path elsewhere, with interest rates offering up to 1.95 per cent still available from some of the smaller authorised deposit-taking institutions.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.