Australian National Bank (NAB) and ANZ Bank (ANZ) both cut deposit rates. (photo No. 9)
Australian National Bank (NAB) and ANZ Bank (ANZ) have both cut deposit rates after the Australian Reserve Bank (RBA) cut its official interest rate to 1 percent, Taiwan reported on the 9th.
National Bank of Australia and ANZ cut the basic savings account rates to 0.11%and 0.15%, or between 0.15%and 0.25%, respectively.
Mickenbeck (Steve Mickenbecker), a finance expert at Canstar, a financial comparison site, said Australian savings users were facing the possibility of falling their savings rates to zero. The other two big banks are likely to make similar adjustments at the pace of ANZ and ANB. Kenbeck thinks it`s just a matter of time and adjustment.
Australian National Bank (NAB) and ANZ Bank (ANZ) both cut deposit rates. (photo No. 9)
It is reported that all banks offer higher concessionary deposit rates of about 2 percent, but these interest rates expire in just a few months. In addition, banks will offer conditional savings accounts that allow customers to get higher interest rates, with ANZ up to 1.95 percent and National Bank of Australia 1.86 percent, but such accounts are only good for customers who don`t need regular withdrawals.
Mr Mickenbeck says savings users should start looking for other options.
