![]() “Savers should keep an eye on their rate, regardless of what the next couple of RBA meetings produce. “The small cuts we’re seeing in the savings space could be a way for the banks to inject a buffer into their rates in case the RBA does hike,” Tindall said. RateCity research director Sally Tindall said BOQ and ME Bank customers seeking competitive rates would be “puzzled” by the news. The bank’s popular Future Saver account for those aged 14 to 35 will drop from 5.50 to 5.40 per cent, while its Smart Saver will drop from 5.10 to 5.00 per cent.Īlso read: Savings account vs mortgage offset: The best place to stash your cashĪlso read: 9 weeks to go: How to start saving for Christmas nowĪlso read: Creative way Brigitte is saving her family $1,140 a yearīucking the trend, the bank actually increased the interest rate on its Simple Saver account by 0.10 per cent to 4.60 per cent. Despite the cut, it is still the highest ongoing savings rate available.īOQ, the parent company of ME Bank, has also cut its high-interest-rate savings accounts by 0.10 per cent. ME Bank launched its HomeME account in July at 5.65 per cent, but has now dropped the rate to 5.55 per cent. The highest savings rate on the market has now been slashed, as Aussie banks make out-of-cycle rate cuts.
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