Is it worth changing to some other bank now or are they all going to follow?
Ubank is at 2.60% now but I'm guessing they'll go down again too (they were a 2.87% a month ago)
ING Drops Savings Maximiser Rate from 2.55% to 2.30% tomorrow (9/7/2019)
exa on 08/07/2019 - 12:58
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Ughh this isn't what I wanted to hear :(
I think most banks will follow with 20-25 bps reductions over the next three weeks.
Damn it used to be 3%. That’s a significant drop
Some commentators forget that there is a detrimental side to the lower Central Bank cash rates, for those living on savings or cash investments.
Thankfully my offset provides a net win of more than this for me.
I'm with UBank and I'd expect them to drop to 2.35 very soon.
UBank just dropped to 2.41.
Wow really it's dropping again? Sigh
Wait till the dust settles before moving money around.
On the bright side, the market seems to think it is unlikely there will be another rate cut until November so it won’t move too much more for the short term.
It doesn't pay to have money in the bank. No wonder why everyone is jumping on Cripto and other investment strategies. Better to be in debt with an investment loan. As long as you buy right.
That's the point of cutting rate. Forcing people to use their money.
They'll just put it under the mattress instead.
It is standard practice for banks to reduce savings interest comparably with their loans interest. Less in = less out. The value of your money to banks is less.