ME Bank's COVID-19 Financial Sentiment Snapshot surveyed 1,000 Australians to gain insight into how the population is faring financially during the crisis. 

Of those surveyed, 56% said their income had stayed the same while 11% reported an increase. 

While only a third of respondents had seen a fall in income, future sentiment was more negative, with 44% expecting the pandemic to have a negative effect on their household's finances in the long-term. 

Of those who said they are feeling negative about their finances during the pandemic, 63% said it was because they 'feel uncertain about the economy', 40% said it was due to their ‘inability to save money and get ahead’, while 38% attributed it to ‘negatively impacted investments and/or super’ – rising to 45% among Baby Boomers.

Want to earn a fixed interest rate on your cash? The table below features term deposits with some of the highest interest rates on the market for a six-month term.

Provider

Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50007$product[$field["value"]]$product[$field["value"]]More details
  • Interest calculated daily and paid at end of term
  • Monthly interest available for terms over 12 months
  • For deposit amounts $5,000 - $2,000,000

Term Deposit - 6 Months

  • Interest calculated daily and paid at end of term
  • Monthly interest available for terms over 12 months
  • For deposit amounts $5,000 - $2,000,000
At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
  • Guaranteed rate of return
  • Manage your term deposit online
  • Choose your own term - Options range from one month to five years

Term Deposit - 6 months

  • Guaranteed rate of return
  • Manage your term deposit online
  • Choose your own term - Options range from one month to five years
At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

Term Deposit - 6 months

    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

    Term Deposit ($1000-$500001) - 6 months

      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10008$product[$field["value"]]$product[$field["value"]]More details

      Online Term Deposit - 6 months

        At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details
        • Deposits are protected up to a limit of $250,000 for each account
        • Added loyalty bonus of 0.10%

        Personal Term Deposit - 6 months

        • Deposits are protected up to a limit of $250,000 for each account
        • Added loyalty bonus of 0.10%
        At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit ($25k-$5m) - 6 months

          At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100000$product[$field["value"]]$product[$field["value"]]More details

          Term Investment ($100k-$200k) - 6 months

            At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50031$product[$field["value"]]$product[$field["value"]]More details

            Term Deposit ($500 - $1mn) - 6 months

              Annually, Semi-Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

              Term Deposit - 6 months

                At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                Term Deposit ($5k-$25k) - 6 months

                  Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                  Term Deposit ($1000+) - 6 months

                    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

                    Term Investment ($5k-$25k) - 6 months

                      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                      Term Deposit ($5k-$500k) - 6 months

                        Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000031$product[$field["value"]]$product[$field["value"]]More details

                        Term Deposit ($250k+) - 6 Months

                          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                          Term Deposit ($5000-$999999) - 6 months

                            Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                            Term Deposit (> $1000) - 6 months

                              At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                              TDs Premier Investment ($5k - $250k) - 6 months

                                At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                                Term Deposit ($1000+) - 6 months

                                  At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                  Term Deposit - 6 months

                                    Important Information and Comparison Rate Warning

                                    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of June 24, 2024. View disclaimer.

                                    Many of those feeling negative about their finances blamed employment concerns: The findings suggest 29% of Australians were feeling ‘insecure about their job’, while 20% ‘have taken a wage cut’ and 17% have ‘lost their job’.

                                    Question: You said you’re feeling negative about your finances. Why is this?

                                     

                                    Uncertainty around the economy

                                    63%

                                    Unable to save money and get ahead

                                    40%

                                    My investments and/or super have been negatively impacted

                                    38%

                                    Spending more on essential items

                                    35%

                                    I’m feeling insecure about my job            

                                    29%

                                    I have debts

                                    26%

                                    Unable to achieve my financial goals e.g. buy a home, take a holiday

                                    23%

                                    I’ve had to a take wage cut / my income has been reduced

                                    20%

                                    I’ve lost my job

                                    17%

                                    I have closed my business or about to

                                    2%

                                    Other

                                    5%

                                    Source: ME Bank

                                    However, of those who said their incomes had either stayed the same or increased, 47% said they were saving more than before the pandemic.

                                    Of those with affected incomes, 34% said they were saving more. 

                                    ME Money Expert Matthew Read said many Australians are discovering the difference between essential and non-essential purchases and spending. 

                                    “Many households tend to put money aside as soon as they feel financially uncertain,” Mr Read said.

                                    “Having a financial buffer is a good idea as it provides peace of mind when it comes to paying bills, essentials, rent or a home loan.

                                    "One saving grace of staying at home is that we’re spending less on activities such as going out to dinner or taking holidays. For some, the lockdown is forcing us to save.”

                                    Among the Australians who saw a fall in income, 72% were choosing to cut out unnecessary expenses to deal with the change, 29% have sought government assistance and 24% have drafted a personal budget.

                                    Mr Read encouraged all Australians to use this time as an opportunity to take stock of their finances. 

                                    “If you have a little extra time on your hands at home, take advantage of it and review your finances and personal budget," he said.

                                    "It pays to focus on what you can control and taking stock of where your money is going now may really help your financial wellbeing in the future.”

                                    Question: You said your income has decreased, what have you done to manage this change?

                                     

                                    Cut out unnecessary expenses

                                    72%

                                    Sought assistance from the government e.g. benefits

                                    29%

                                    Drafted a personal budget

                                    24%

                                    Saved more to create an emergency savings buffer

                                    19%

                                    Sought assistance from family or friends e.g loans or free accommodation

                                    13%

                                    Switched or shopped around service providers e.g. power, gas, internet etc

                                    11%

                                    Sought assistance from my bank e.g. paused home loan or credit card repayments

                                    9%

                                    Switched or shopped financial products e.g. home loan, credit cards, savings accounts

                                    8%

                                    Other

                                    4%

                                    Source: ME Bank