CBA cut Netbank savings rate to 0.15 percent
Commonwealth Bank have become the last of the big four to cut their saving rates following the July cut by the RBA.
They've cut the ongoing rate on its Netbank savings account by 0.15%.
After the introductory five months of 2.05 percent, savers will only get 0.15% in interest from then on.
CBA has also cut the bonus rate on its Goalsaver account by up to 0.25 per cent.
RateCity.com.au research director Sally Tindall said the cuts are another blow for savers.
“CBA has cut some of its savings accounts by just 0.15 per cent while others have been slashed by up to 0.25 percent," Tindall says.
“CBA cut the majority of its variable home loan rates by just 0.19 per cent so it’s disappointing to see some cuts to savings accounts have gone above this.
“Now is an excellent time to review your savings accounts and see if you are getting the most bang for buck in what is a very difficult market for savers.”
The big four have now all cut their saving rates following the RBA cash rate cut.
They are now as follows:
