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Banks cut savings rates to ‘rock bottom’

The Federal Reserve seems to be poised for the first interest rate cut since 2008. This would compress net interest margins and hurt bottom-line growth. Hence, almost all the banks, big and small,

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Challenger banks continue to push rates up from their rock-bottom levels. On tax-free accounts, the best easy-access rate is 1.21% from Virgin Money Easy Access Cash Isa. AA Savings, Leeds Building. The Bank of England has acted due to the slump in the euro since 2010, when the 85,000 limit was set.

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Both banks – who passed on June’s full 0.25 per cent RBA cash rate cut – have reduced the base rate on their online savings accounts by 0.20 percentage points, leaving them at 0.30 per cent.

The Federal Reserve's interest rate hikes can have an impact on mortgage rates, When the federal funds rate increases, it becomes more expensive for banks to. to hit, but there are mortgages available that offer much lower down payment. your short- and long-term plans and how they may affect your bottom line.

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Savers have had little to shout about in recent years as rates have dropped to rock bottom. spanish bank santander recently cut its interest on 123 current. For those with ISA savings, rates rose.

"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.

Mr Mickenbecker said the cut to savings rates was an inevitable consequence of the RBA’s move last week. “This leaves savings rates at rock bottom levels, and will put the banks under intense pressure.

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.

"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. "The potential to squeeze profit margins will be keeping bank executives awake at night."

based CIT Bank CIT, +0.29% has cut the. their bottom lines. Interest rates are also falling for loan products, which.