Hoarding $100 notes? Get a savings account …
Australians are hoarding $100 notes. Less than 10 per cent of all $100 notes ever printed have worn out from use. The Reserve Bank of Australia said that “$100 banknotes are generally held by the public as a store of value.”
The RBA said that $100 notes do not actively circulate whereas other bank notes wear out quickly. $20 notes last only 4.6 years said the RBA.
If you are hiding your cash at home in wads of notes, you are losing money to inflation. You may like to investigate the many great savings account deals now available.
Source: Banking Day