Banks cut savings rates to ‘rock bottom’

"This leaves savings rates at rock bottom levels, and will put the banks under intense pressure if and when the RBA cuts the cash rate again in the next few months," Mr Mickenbecker said.

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Nakhorn Yuangkratoke / EyeEm | EyeEm | Getty ImagesIt was fun while it lasted.Only recently have savers reaped the benefits of higher deposit rates – the annual percentage yield banks pay consumers on their money – after they hovered near rock bottom for years.Since the Federal Reserve raised the fe

. said Friday’s savings rate cut were an inevitable consequence of the June 4 cash rate cut. "This leaves savings rates at rock bottom levels, and will put the banks under intense pressure if and.

Banks Cut Savings Account Rates Post BoC Announcement Posted on January 27, 2015 by Sean Cooper Leave a comment Canadians were blindsided last week when the Bank of Canada announced it was cutting the interest rate to 0.75 per cent .

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Central bankers control more than just interest rates. “monetary policy” is a broad brush term for a whole range of actions, including things like selling or buying assets such as government bonds, raising or reducing the amount of capital banks need to hold against liabilities, and raising or lowering interest rates.

Goldman Sachs’s (GS +2.7%) move to reduce interest rates on its Marcus savings accounts puts the online consumer lending operation at the "bottom of the pack" of online banks, said Anuj Nayar.

In an interview broadcast on CNBC, Poloz said two interest rate cuts the Bank announced in 2015 to help Canada grapple with a drop in oil.

Big banks cut variable rates Westpac, the Commonwealth Bank and National Australia Bank all failed to match the RBA’s early Christmas present for homeowners of a 25-point drop in the official cash rate to 3.25 per cent.

Mr Johnson said Westpac was the only big four bank he was aware of that had investments specifically designed to protect its bottom line from a reserve bank rate cut.

Mr Mickenbecker said the savings rate cut was foreseeable following the RBA’s decision to drop the official cash rate to a new record low of 1.25 per cent after nearly three years of keeping it stable at 1.5 per cent.

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