Taking savings rates more seriously than they have in aeons, Australia’s biggest banks are getting ready to swipe market share from the lousy banks and the littlies.
It was NAB’s turn to go first yesterday morning.
Starting with an eye-popping 8.05 per cent headline rate on its main mortgage product (up 25bps). Commonwealth Bank soon matched this.
At NAB, like all banks, there’s a discounted variable price point, one which RateCity put at 7.17 per cent in NAB's case, and by far the highest of the Big Four in their database.
There is plenty of room for aggression in setting savings rates in Australia and precious little of it going on.
Broadly, big banks lifted key savings rates by 25 bps yesterday, in line witht he RBA's move in the caash ratee on Tuesday. ANZ was the outlier for its legacy customers, ANZ being all about ANZ Plus.