Dozens of institutions have passed the two consecutive rate cuts onto their savings account products, hitting those who rely on earning interest to supplement their income.
Commonwealth Bank has stung savers by cutting interest rates on its savings accounts by up to 25 basis points, making it the last of the big four to reduce savings rates this month.
UBank has today slashed the interest rates on its savings accounts by 19 basis points, taking the maximum rate on its ‘USaver with Ultra’ account down to 2.41% p.a.
CoreLogic’s latest home value index results for March 2019 show the national average dwelling value fell by 0.6%, which is actually the smallest month-to-month decline since October 2018.