Debit cards from the big four banks.
Share this @internewscast.com
Millions of Australians remain uninformed about the interest they will receive on their savings after the Reserve Bank lowered the cash rate yesterday.

So far, Westpac is the only bank to disclose changes to its savings rates, while ANZ, NAB, and Commonwealth Bank have yet to announce any adjustments, although they are expected to eventually reduce their deposit rates as well.

Debit cards from the big four banks.
Westpac is the only one of the big four banks to say what changes are coming to its savings rates.(iStock)

“Those are not attractive returns.”

The situation is likely to deteriorate further, as market predictions suggest another rate cut by the Reserve Bank by August, with at least two additional cuts by February, potentially reducing the official cash rate to 3.10 percent.

“While the May cash rate reduction might be a cause for celebration for mortgage holders, it’s likely to be disappointing news for savers,” commented Tindall.

“Cash rate cuts are always bittersweet…

“In the case of the banks still to announce savings rates – which is currently the vast majority – no news is not necessarily good news. You can expect these rates to fall over the next two to three weeks.

“While there are still savings rates starting with a ‘5’, at this point we’re clinging on to them for dear life.”

Share this @internewscast.com
You May Also Like
Deer sprinting across ACT highway

Video of Wild Deer Dashing Across Road Highlights Nationwide ‘Emergency’

Dashcam footage of a deer narrowly missing cars as it darted across…

Australians Increasingly Frustrated with Telcos, Lodging More Complaints

The number of complaints about phone providers Australians are escalating to the…
Extent of major Qantas data breach revealed

Details of Significant Data Breach at Qantas Disclosed

Details of last week’s Qantas data breach have now been made clearer…
Carolina Wilga, 26, has been backpacking through Australia for the past two years and works on mines to fund her stay at hostels.

Concerns Rise Over Missing German Backpacker in Western Australia

Authorities hold serious concerns for a German backpacker who is believed to…
Elsa the greyhound was a happy, active dog before she was poisoned in 2020.

Yvette’s Fight to Prohibit Hazardous Substance that Nearly Killed Her Dog

It was love at first sight when Yvette Colomb spotted Elsa on…
Erin Patterson is on trial accused of three counts of murder and one of attempted murder.

Chronology of Key Events Leading to Erin Patterson’s Conviction

Erin Patterson has ultimately been declared guilty of three counts of murder…

Texas Flood Tragedy: Death Toll Exceeds 100, 180 People Unaccounted For

Main Highlights Heavy rains hit a part of Texas last Friday, causing…

Australia’s Blessing Scams: 80 Incidents, $3 Million Lost, and New Allegations

A 62-year-old man has been charged as part of an investigation into…

Reserve Bank’s Unexpected Interest Rate Decision: ‘Stay Tuned’

Interest rates are set to stay at 3.85 percent, with the Reserve…

My Close Friend Ended Our Friendship Without Explanation, and I’m Still Grieving

If you spend more time cursing a family member than enjoying time…
Erin Patterson

Expert Claims Mushroom Cook’s Murder Convictions Are ‘Appeal-Proof’

The judge in Erin Patterson’s triple-murder trial has made her case “virtually…
Authorities say the spread shouldn't impact the nearby dolphin sanctuary, as the state government announces fee relief for affected fishers.

Harmful Algae Bloom Threatens Dolphin Sanctuary Nearby

The algal bloom devastating South Australian marine life has now been found…