Trends in High Interest Savings Accounts in Australia
Category: Financial Services
Library Code: DMFS2248
Publication Date: 29-May-08
The high interest deposit market is undergoing rapid change, driven by competition and technology. Online savings products have allowed a range of new players to enter the market, and have forced interest rates upward. The currently turbulent financial markets have sparked renewed interest in deposits, and so the high interest deposit market is set to continue being very competitive.
Includes a comprehensive overview of the Australian high interest deposit market. Draws upon a large Datamonitor's consumer survey of Australian savings account holders. Discusses traditional savings accounts, online savings accounts, CMAs, CMTs, term deposits and offset accounts. Includes market overview, analysis of consumer behaviour, competitor dynamics and future developments.
Online banking made managing banking business even easier for consumers, as well as enabling new competitors to enter the market. Foreign banks, previously hampered by their lack of branch coverage, could now compete with the major Australian financial institutions. At the same time that lenders have refocused their efforts to attract deposit customers and become more risk-averse, consumers have become more cautious as a response to the uncertain financial outlook. A shaky stock market has helped shift consumer focus toward deposits. It is thus clear that both supply and demand for deposit products is rising. The new Australian government has pledged to restrict switching fees for financial products, in a bid to make switching easier for consumers, to encourage competition in the market. Another potential legislative change could be a mandate that banks simplify the process of carrying over direct debits when consumers wish to switch accounts.
Reasons to Purchase
Improve your strategic position using Datamonitor's in-depth analysis of the Australian high interest savings account market. Understand the unique challenges the high interest deposit market is facing, and benefit from forecasts of future product trends. Gain insight into the current mindset of Australian high interest deposit customers.
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This product was added to our catalog on Friday 13 June, 2008.