Rates Round Up for Sept 22

$27 billion missing out on interest
There is more than $27 billion of retail funding sitting in transaction accounts each month, which typically give no or low interest on your money according to a RaboDirect savings and investment survey.

RaboDirect's research shows more than 50% of New Zealanders leave more money in their transaction accounts each month than is necessary to cover expenses and these people are potentially missing out on interest that is available to them.

The survey has also shown a change in savings and investment priorities for New Zealanders' over the past four years with security becoming a key focus.

The first survey in 2007, conducted just before the collapse of a major New Zealand finance company, showed high interest was the number one priority for most people (72%), with just 30% considering security when investing.