CBA, NAB to cut savings interest rates

Commonwealth Bank and NAB have penalised savers a week after passing on the RBA’s full interest rate cut to borrowers. Both banks – who passed on June’s full 0.25 per cent RBA cash rate cut – have reduced the base rate on their online savings accounts by 0.20 percentage points, leaving them at 0.30 per cent.

CBA and NAB have penalised savers a week after passing on the RBA’s full 0.25 per cent interest rate cut for borrowers.

Commonwealth Bank are National Australia Bank will cut interest rates on savings accounts by up to 0.25 percentage points in response to last week’s.

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Today, CBA and NAB have announced they’ve made rate cuts to some of their savings accounts. According to Canstar, CBA’s Netbank Saver’s base interest rate took a 0.20 per cent hit, with the 5-month.

NAB also announced today cuts to its term deposit rates of between 0.10 and 0.25 percentage points for various terms, following CBA’s earlier move. The cuts in base rate for online savings.

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CBA and NAB are expected to announce cuts to deposit interest rates on Friday. Credit: Josh Robenstone NAB is also expected to announce cuts in deposit interest rates of up to 0.25 percentage.

Commonwealth Bank has lowered (and also raised) various term deposit interest rates by up to 45 basis points ; NAB has decreased term deposit rates by as much as 10 basis points ; Westpac Group has cut term deposit rates by up to 20 basis points: this includes related companies St. George, BankSA and Bank of Melbourne’s

NAB has cut the maximum rate, including bonuses, on its Reward Saver account by 0.25 percentage points to 2.05 per cent. The moves come after the RBA this month cut the cash rate 0.25 percentage points to a historic low of 1.25 per cent. Following that move, the CBA and NAB reduced their variable home loan rates by the same margin.

CBA has cut the ongoing rate on its Netbank savings account by 0.15 per cent. The Netbank savings account now gives you 2.05 per cent interest for the first 5 months, then an ongoing rate of just 0.15 per cent.

CBA, NAB, ANZ & Westpac: The big four have some low term deposit interest rates; here’s what you could earn with them.

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He said NAB would not cut interest rates on savings accounts by more than 0.19 percentage points. Commonwealth Bank said it would cut the standard variable rate for owner-occupiers and investors.