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.
In addition to the many variable home loan rate cuts seen in the wake of the Reserve Bank’s decision to lower the cash rate, a number of lenders have also made big rate reductions to fixed home loan rates.
With Australia’s central bank widely expected to cut the cash rate in the coming months, more lenders have this week made rate cuts to some of the mortgages on offer.
Online bank UBank has just released its latest innovation – a digital home loan application assistant that can answer more than 300 common customer questions.