Australian banks Australian interest rates Featured Article

Big banks slash deposit rates to battle their little financial crisis

Thursday, 12 July 2018

They’re hanging on desperately, trying not to hike, via Banking Day:

Westpac and CBA have decided to defend their net interest margins by hacking further into the returns they make to depositors.

CBA this week chopped the base rate on its NetBank Saver account by 30 basis points after Westpac last week also slashed the return on its eSaver product by the same amount.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.