Most bank customers earning nothing
Wednesday, November 10th 2021, 4:46PM
BNZ has revealed that the majority of its customers with deposits at the bank are earning no interest.
It says $41 billion on deposit are "already at or near zero interest rates."
Currently customers have $66.1 billion on deposit with the bank.
The majority of this is in term deposits. But the amount on term deposit has fallen from $31.9 billion as at March 2020, to $23.9 billion as at September 30.
Chief executive Dan Huggins says customers have been moving from term deposits into on call accounts over the "last wee while."
The amount in saving accounts has risen from $13.9 billion in March 202, to $17.2 billion in September.
Likewise transaction accounts have risen from $10.6 billion to $15.5 billion during this period.
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