Banks cut savings rates to ‘rock bottom’

Commonwealth Bank and NAB have penalised savers a week after passing on the RBA’s full interest rate cut to borrowers. Both banks – who passed on June’s full 0.25 per cent RBA cash rate cut – have reduced the base rate on their online savings accounts by 0.20 percentage points, leaving them at 0.30 per cent.

Shaw and Partners banking analyst Brett Le Mesurier said, with deposit rates already close to rock-bottom levels, banks risk losing millions of dollars on their mortgage products because they.

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Mr Johnson said Westpac was the only big four bank he was aware of which had investments specifically designed to help protect its bottom line from a Reserve Bank rate cut.

 · Credit unions, which are member-owned financial cooperatives, outpace banks with an average score of 80 versus 75.2 for banks. Despite a decade.

Savers have been pretty heavily punished by rock-bottom interest rates in recent years – but. At the moment £75,000 of your savings are protected under the deposit protection limit, meaning if your.

 · Back in 2015, it was rare to see savings accounts pay 1% interest. Today, many online banks are competing for deposits by offering savings account rates approaching 2%, flowing through about half of the Fed’s rate hike into increased rates for depositors. These rates will continue to rise as the Fed hikes rates.

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"This leaves savings rates at rock bottom levels, and will put the banks under intense pressure if and when the RBA cuts the cash rate again in the next few months," Mr Mickenbecker said.

Note that the bank, an online division of Popular Bank, requires a steep $5,000 minimum to open the savings account. You’ll also need to keep a balance of at least $500 on a daily basis, or.

With reserve bank interest rates stalled at 1.50% since August 2016 and savings interest rates at rock bottom to match, Marshall said it’s more important than ever for Australians to be aware of where.

The ending of the Term Funding scheme next week and the prospect of a rise in base rate later this year augurs well for savers. The Term Funding scheme lets banks and building societies borrow from.