Savings rates and special offers slashed

NAB's failure to pass on the full 0.25 percentage point cut to its mortgage holders generated lots of negative publicity; not so the 0.4 per cent cut its online arm, UBank, made to its USaver savings account.

And late last week Virgin Money cut its standard online rate by even more: 0.45 per cent.

Other institutions have slashed rates further than the Reserve, too. Citibank cut by 0.35 per cent, while Victoria Teachers Credit Union and ME Bank both cut by 0.3 per cent.

The online savings landscape has changed entirely and if you were in the best product previously, you may be no longer.

Source: The Age