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.
This week’s rate changes on the savings account and term deposit market saw more banks cutting interest rates, with Westpac and NAB headlining the latest movements.
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.
Another savings account immortalised by the Barefoot Investor, UBank’s USaver with Ultra account, has had its interest rate cut following the reduction to the cash rate earlier in June.
Major bank ANZ has cut the interest rates on its savings account products by 20 basis points, becoming the last of the big four to reduce savings rates.
RAMS’ high-interest Saver Account is the latest in a growing line of savings accounts to have its interest rate cut, following the Reserve Bank’s decision to cut the cash rate earlier in June.
The ING Savings Maximiser savings account – popular among readers of the Barefoot Investor – has had its maximum interest rate lowered by 25 basis points to 2.55% per annum.