CBA (ASX:CBA) share price rises as bank cuts savings rate

The Commonwealth Bank of Australia (ASX: CBA) share price is up after some of the big four banks cut their savings rates.

According to reporting by News Corp (ASX: NWS), both CBA and Australia and New Zealand Banking Group Ltd (ASX: ANZ) have decided to reduce the interest rates for bank account savers.

ANZ has decided to cuts its savings rate by 0.10% and CBA decided to reduce the interest rate by 0.05%.

News.com.au quoted Canstar executive Steven Mickenbecker on what this means for savers:

The low interest rate environment has dealt a major blow to savers, with the average annual interest earnings on bonus savings accounts now $400 less annually than what it was 10 years ago. For some people this could be the cost of their car…