ACB News “Australia Finance Online” June 26 News Australia’s second largest bank Westpac Bank announced that it will reduce its eSaver and Life product deposit interest rates by 5 basis points, the highest interest rate is only 1%.
Westpac said its standard savings account, eSaver, had a deposit rate of 1% for the first 5 months. The benchmark interest rate for Life accounts is 0.4%. If the monthly deposit increases, the interest rate is 1%.
According to the Australian comparison website RateCity, although the RBA has not cut interest rates since March, Australian banks have reduced their deposit rates at least once in June. At present, the highest deposit rate for 77% of Australian banks is less than 1%.
