Savings account interest rates are being cut

Average at-call savings account rates have dropped by about 0.26 percentage points in the last month, since the official Reserve Bank rate cut on 3 May.  With another rate cut likely in 2016, further falls in rates for savings accounts are expected. It is still possible to find good savings account rates around the three per cent mark, including bonus or introductory rates. Shop around and compare deals today. Your savings account does not need to be linked to a transaction account with the same bank or credit union. You can link another institution’s savings account with a transaction account at your own bank.

Source: Herald Sun