Aussie Savers Lose Out on Interest Hikes
Sydney News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Australian savers are being left behind as big four banks fail to pass on full interest rate hikes to bonus savings accounts. Despite the Reserve Banks cash rate increase to 4.1%, banks have only passed on the hike to home loans and max bonus rates, requiring customers to meet certain conditions. This selective pass-through has resulted in minimal increases in base rates, benefiting banks profits. However, smaller players like Judo Bank, Great Southern, and AMP are offering higher rates, encouraging savers to shop around and read the fine print for better returns.
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