You might see from my post above, "2 months ago updated", that means they dropped their rates in line with the RBA except for balances below $10k
Prior to official interest rate falls SelfWealth were paying what I have copy and pasted below. All except balances less than $10k will be having a nett effect of nil on their income.
Further interest rate reductions from here on may make things interesting for them and for us clients who will probably not receive a zac regardless of balance. The only thing that can change this situation I believe would be Selfwealths negotiation with ANZ due to the larger cash balances in Selfwealths trust acc with our funds in it.
Interest is paid on the balance of your cash account within the following tiers:
<$10,000 no interest paid
$10,000 to $100,000 — 0.5% interest per annum
>$100,000 — 0.75% interest per annum
You might see from my post above, "2 months ago updated", that...
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