A sad day has passed that the savings rate has dropped by 0.31%. When comparing to their home loan rate drop (to be done at the end of the month) is only dropping by 0.25%.
Will be keen to see all the remaining non-big banks and what their drop would be like.
Lolololol
ING already dropped theirs
as have others.
the RBA drops rates… u can expect your interest to drop on savings accounts too.
Every time their is an RBA drop… the "XXXX Bank has dropped their bonus interest" posts on the forums.
This time many of the posts are more about how many of the banks are passing on only a fraction of the rate cut onto their home loan customers while cutting all their savings rates by the full 0.25% or more (e.g. Bank of Queensland passing on only a 0.10% cut for their home loan customers while cutting all their savings account rates by an extreme 0.35%!).
If every Australian just accepts/ignores this shitty behaviour and doesn't bother switching or at least comparing banks other once in a while, why would they ever even attempt to compete?
It's not as bad as some are making it out to be.
Before the rapid 3x0.25 cuts this year, UBank was on 2.87%. Then they cut to 2.6 (took away extra 0.02). Then 2.41 (gave back 0.06). Now 2.1 (took back 0.06).
So in the end they've only taken away 0.02% more than what they would have had they adhered strictly to the RBA's cash rate cuts.
arghhh… I just signed up for uBank
UBank still have the best deal out there. ING is now 1.95% and you have to jump more hoops to get it.
The many banks with 2.25% are better if you're willing to jump through some hoops
RAMS is easy enough IF you use it purely as a saver. $200 deposit and no withdrawals and you get the 2.25% rate. But I won't be surprised if the rate drops again soon as they'd already dropped it to this rate before the last round of RBA cuts.
MyState Bank is 2.5% (dropping in November to 2.25%). Requirements aren't quite as bad as ING ($20 deposit a month)
i feel your sad emotions. sad day :(
ME is 2.20
Ubank 2.1% maybe still best rate after couple of weeks. just wait till end of month to see next
MyState 2.5% dropping at end of month to 2.25% … room there for UBank to up it's rate
Lol.