Three of the big four banks have cut deposit rates independently of the RBA, with some now nearing zero:
The Reserve Bank of Australia hasn’t reduced the official interest rate since October, but that hasn’t stopped our big banks from quietly cutting the rates they pay customers.
“Although the Reserve Bank has left official interest rates on hold since October, it hasn’t stopped some of our biggest banks slicing interest rates of most the popular savings accounts,” Mozo director Kirsty Lamont said in research note issued to Business Insider Australia.
