NAB slashes saving rates again
The National Bank of Australia (NAB), third largest bank in Australia has dropped interest rates on its savings accounts today. It has only been three months since it last cut rates for the same customers.
NAB’s iSaver account rate has been cut by 0.15 per cent to a maximum introductory rate of 1.55 per cent for four months.
While the maximum rate on NAB’s Reward Saver has dropped by 0.11 per cent to 1.50 per cent, if all conditions are met.
NAB has chosen not to reduce the base rate on either of its savings accounts.
NAB savings rate changes
NAB iSaver | Old | New |
|
Base rate | 0.11% | 0.11% |
|
Intro rate (4 mths) | 1.70% | 1.55% |
|
Source: RateCity.com.au
NAB Reward Saver | Old | New |
|
Base rate | 0.11% | 0.11% |
|
Max rate (if conditions are met) | 1.61% | 1.50% |
|
Source: RateCity.com.au
Chief executive of RateCity.com.au, Paul Marshall said, “NAB will stir the market with today’s decision to cut rates when the cash rate hasn’t budged”.
“It’s a disappointing move from NAB to drop savings rates out of cycle, especially since the bank cut rates on these accounts by a quarter of a percent in October.
“For savers, this will be a bitter pill to swallow and many will be left wondering why they’ve had to endure yet another cut when rates were already close to zero.
“Regular savers who strive for those maximum returns by meeting all the conditions will be the ones most impacted by these cuts, losing 0.11 per cent ongoing interest.
“But ardent savers can find competitive rates if they are willing to look beyond the big banks, with neo banks 86 400, Up and Xinja leading the way with conditional rates of 2.25 per cent.”