I was surprised to find banks offering significantly different interest rates on savings accounts for customers of different ages. What is the reason that this isn't seen as age discrimination?
Oh the discrimination card....
I heard that smarter people who become doctors get higher loans, with lower rates. Us dumb people are being discriminated.
I heard that junkies are being discriminated against in access to home rentals as well.
I heard that women are discriminating against ugly blokes by choosing taller fitter men.
Not fair.
Do they still pay interest on savings?
My guess is that the banks are concentrating on getting savings accounts with higher balances and less transactions, although I don't know why age would come into it, other than for advertising purposes perhaps. A bit like the lifestyle villages for over 55s ?
Select to expand quoteHarrow said..
I was surprised to find banks offering significantly different interest rates on savings accounts for customers of different ages. What is the reason that this isn't seen as age discrimination?
What are the age ranges so that we can have a stab at why they are doing so?
Select to expand quotekk said..
Do they still pay interest on savings?
My guess is that the banks are concentrating on getting savings accounts with higher balances and less transactions, although I don't know why age would come into it, other than for advertising purposes perhaps. A bit like the lifestyle villages for over 55s ?
Of course they still pay interest, 2 tenths of sweet stuff all, but they still pay it. 
For years they have pushed pensioner security accounts, they pay the same as Govt deeming rate used for tax purposes.
Select to expand quoteCraig66 said..
Nothing new here, like insurance, all about the risk factor.
Okay, I'm going to need some help here to understand how age-related risk could affect a cash deposit savings account?
Select to expand quoteFormulaNova said..
What are the age ranges so that we can have a stab at why they are doing so?
3% for 18 to 29-year-olds. Presumably hoping to snap up a home loan from them somewhere down the road.
Select to expand quoteHarrow said..Craig66 said..
Nothing new here, like insurance, all about the risk factor.
Okay, I'm going to need some help here to understand how age-related risk could affect a cash deposit savings account?
Hey mate, sorry, I missed "saving" and assumes Loan
But im sure there would be a risk to the bank somewhere 
It makes sense to offer a better deal for younger customers. They will more likely take out long term loans of large amounts where banks can make good money over a long term. So building a relationship with them makes sense.
18-29 got to earn more interest so they can get a jet ski and ford ranger. without them they'll have nothing to wash on sunday
or is that just a gold coast thing?
