Business
Banks slash savings rates on back of cheap RBA cash – Sydney Morning Herald
Mountains of cheap cash and a glut of savings have enabled the commercial banks to slash the interest rates on savings and term deposit accounts.
But the banks have also moved to reduce their own costs in other ways, led by deep cuts in their savings rates.
The NAB on Tuesday became the seventh bank in the past week to cut a savings rate, lopping 0.1 percentage point off the introductory rate for its iSaver account. The introductory rate is now 0.8 per cent while its base rate is 0.05 per cent.
All of the major banks have cut their general or introductory savings accounts as well as their term deposit rates over recent months. The avera…
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