Savings account interest rates slashed

Interest rates on deposit and high interest savings accounts are coming down rapidly. Term deposit rates have fallen in the last two weeks by as much as 3.75 per cent. Commonwealth Bank, NAB, St George, Bank SA and HSBC have cut rates on savings accounts by 1 per cent in the last week. RaboPlus savings account interest rate has been cut by 0.8 per cent. Commonwealth, St George, Bank SA and NAB are all offering 5.75 per cent. HSBC and Rabo are offering 6.5 per cent. Easing conditions on money markets are expected to keep a lid on interest rates offered on deposits.

Source: The Australian Financial Review