Home / Banking / Savings Accounts / Rate cuts for savings accounts

Rate cuts for savings accounts

09/11/2011

While lenders were quick to pass on the 25 basis point reduction in the cash rate last week, only a small number of deposit-takers have changed their at-call savings account rates.

Several deposit-takers cut their rates by more than 25 basis points. Most notably, UBank cut the bonus rate on its USaver account by 40 basis points, from 6.51 per cent to 6.11 per cent, and the base rate by the same amount, from 6.01 per cent to 5.61 per cent.

Citibank cut the introductory rate on its Online Saver account by 35 basis points, from 6.4 per cent to 6.05 per cent, and the base rate by 25 basis points, from 5.25 per cent to 5 per cent.

ME Bank cut the rate on its Online Savings Account 30 basis points, from 5.6 per cent to 5.3 per cent. ME Bank does not offer introductory or bonus rates.

Source: Banking Day



Previous Article  Next Article

Savings Account Selector

Select state:
 Account Purpose
Fixed Term At Call Savings
 

Savings Amount?
$
Your Savings Term

 Standard
 Online
 Farm Management
 Savings Standard
 Online Savings
 Cash Management
 Childrens
 First Home Savers
  Pensioner Deeming
 Christmas Club
 Farm Management
 Superannuation
 
 



Popular Searches


Today's Savings Rates

Institution Product Max. Rate (%) Details
Citibank Online Saver (5.70% Variable intro rate for 4 months on balances up to $500k) 5.70 Details
RaboDirect Savings Account (up to 5.60% 4 month special variable rate up to $250k) 5.60 Details
Savings Maximiser (5.60% p.a. variable intro rate for 4 months on balances up to $250,000) 5.60 Details
HSBC Serious Saver (5.55% variable intro rate for 4 months on balances up to $1m) 5.55 Details
USaver (Base Rate 4.91%, Bonus 0.60% with savings plan) 5.51 Details
Institution Product Max. Rate (%) Details

The above products are some of the top rates available in the market. Based on promotional or introductory rates for an online savings account of $5,000.



SPONSORED LINKS