‘Money in the bank is at a record high, so banks aren’t having to compete for people’s deposits,’ Canstar’s Sally Tindall says
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Leading banks are racing to cut interest rates offered to savers, despite the Reserve Bank leaving the official cash rate on hold this month, as households flood banks with deposits.
ANZ on Friday cut the full rate on its progress saver account from 3.5% per year to 3.4% despite the RBA leaving its target rate unchanged a week earlier in a shock move.