Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Do you have any insight into why our Australian banks offer a lower interest rate on savings accounts for SMSF's and businesses than they do for individuals/joint personal holders? Money is money no matter who it comes from I would have thought. Or is it something that is enshrined in banking legislation? Term deposit rates don't seem to differ for businesses as opposed to individuals
Hi Marvin,
A good point and I’m really not 100% sure. I’m told there is more risk from an anti money laundering (AML) perspective and I know NAB for example will not accept money from registered charities at all. My answer would be compliance but it’s a rubbery reason at best.
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