CBA interest rate cuts another blow for savers
COMMONWEALTH Bank has dealt another blow to savers by slashing interest rates on a series of deposit accounts.
The major bank yesterday shaved five basis points from standard and conditional savings accounts for the second time this month.
CBA’s standard Netbank saver now attracts an introductory five-month rate of 0.4 per cent before reverting to an ongoing 0.05 per cent rate.
Its conditional GoalSaver account has been cut to a maximum rate of 0.35 per cent – the lowest on offer out of the big four banks.
The country’s largest banking institution has also clipped the rate on its YouthSaver account, which is commonly associated with its school Dollarmites program, to a maximum rate of 0.6 per cent.
RateCity research director Sally Tindall said CBA had cut savings rates five times since the RBA’s last cut to official interest rates in November.
“The cuts might be small, but they’re starting to add up,” she said. “The maximum rate on the GoalSaver account has dropped by up to 0.4 per cent over just four months.”