CBA cut Netbank savings rate to 0.15 percent

CBA cut Netbank savings rate to 0.15 percent
CBA cut Netbank savings rate to 0.15 percent

Commonwealth Bank have become the last of the big four to cut their saving rates following the July cut by the RBA.

They've cut the ongoing rate on its Netbank savings account by 0.15%.

After the introductory five months of 2.05 percent, savers will only get 0.15% in interest from then on.

CBA cut Netbank savings rate to 0.15 percent

CBA has also cut the bonus rate on its Goalsaver account by up to 0.25 per cent.

CBA cut Netbank savings rate to 0.15 percent

RateCity.com.au research director Sally Tindall said the cuts are another blow for savers.

“CBA has cut some of its savings accounts by just 0.15 per cent while others have been slashed by up to 0.25 percent," Tindall says.

“CBA cut the majority of its variable home loan rates by just 0.19 per cent so it’s disappointing to see some cuts to savings accounts have gone above this.

“Now is an excellent time to review your savings accounts and see if you are getting the most bang for buck in what is a very difficult market for savers.”

The big four have now all cut their saving rates following the RBA cash rate cut.

They are now as follows:

CBA cut Netbank savings rate to 0.15 percent 

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Savings Commonwealth Bank

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