People with money in the bank are getting the lowest rates of interest since the 1960s and those rates could still fall further, it is warned. According to Newsroom's Business Editor Nikki Mandow, more than a third of the money New Zealanders have in our Aussie-owned banks is earning us no interest - or virtually none. And it’s costing us somewhere between $400 million and $900 million a year in lost interest - depending on how you crunch the numbers. The banks know this - but it’s one of the reasons they are so very profitable in New Zealand.
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