What do new banking rules mean for my savings?
Under new banking rules, banks and credit unions must maintain an adequate level of liquid assets.
The new rules divide retail deposits into “stable” and “less stable” portfolios. Banks now favour deposits that can't be withdrawn before 31 days.
RaboDirect, Investec and AMP Bank have launched notice savings accounts which require the depositor to give notice before making a withdrawal. Other banks are changing the terms and conditions on term deposits.
Source: Banking Day