There are term deposits which they could easily chuck funds that...

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rona142

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29/10/21

16:53

Post #: 57188051
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Originally posted by Christopher67 ↑

Much as i adore any opportunity to point out the numerous failings of the company,
Business accounts just do not accrue much in the way of interest.

You need to go out of your way to setup a High Interest Savings Account, and then your 10million isn't easily accessible, if you need to suddenly shell out some cash for a deal, or pay for some research.

CBA offers an astounding 0.01% interest rate on business accounts. In a year, they could accrue 10k in interest, or 2,500 each quarter. So 2k looks legit to me for the money sitting in a business account.

If it was my business, and if i had 10million sitting around earning nothing, id be looking to park as much of it, for the highest rate term deposit, for as much time as possible until i had to spend it. $5k a month, 15k a quarter is a far sight better than $2k.
It is terribly unfortunate, that the banks do not offer any sort of decent interest rate to business accounts, even a personal saver will max out at 1.5%, and usually limited to well under $1mil in size.

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There are term deposits which they could easily chuck funds that aren't needed immediately for business operations that would be paying up to say 0.4%. Banks support much higher balances in term deposits than at call products.

Last edited by rona142: 29/10/21

CGB Price at posting: 0.4¢ Sentiment: None Disclosure: Not Held
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