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Australians have turned to the safety of bank deposit accounts in favour of risking their money in volatile sharemarkets.
Figures released by APRA on Friday showed banks’ household saving deposits rose three per cent in October, three times the normal growth rate and almost double the 1.9 per cent growth in September.
Citigroup recorded the strongest household deposit growth over the month of 5.7 per cent to $3.975 billion while ING, a traditionally strong beneficiary of deposits, suffered a decline in household deposit growth of 4.3 per cent, the figures showed.
The data confirmed Commonwealth Bank as the largest holder of household deposits as well as home loans, with $117 billion in deposits and $123 billion worth of home loans on its books.
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