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Australian banks passed interest rate hikes on to mortgage holders – so why haven’t they done so for savings accounts?
There’s an obvious reason for the delay. But the banks still need to compete on savings rates to finance their operations
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Shortly after the Reserve Bank lifted the official cash rate by a quarter of a percentage point, major lenders announced interest rates on mortgages would rise by the same amount.
Yet the interest rates that can grow their customer’s savings accounts are still “under review” – or the increases are being applied selectively – days after Tuesday’s announcement.
Source: www.theguardian.com
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