Key changes to pricing and offers in the last month in Australian consumer banking

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Click here to see a summary of the key changes to pricing and offers in the last month in Australian consumer banking: http://pclmoney.com.au/bnk/bnk_feb.pdf

Note that the deposit rates on offer continuing their downward trend

Key changes:

  • ANZ’s​ Progress Saver has had its ongoing bonus rate reduced by 10bp to
    1.71%.
  • Bankwest​ cut the base rate of its TeleNet Saver product from 1.50% to 1.25%.
    The 2.7% introductory rate holds steady at its current value.
  • Commonwealth Bank ​adjusted the $250,000 to $1,000,000 ongoing bonus
    rate tier on its GoalSaver account from 2.50% to 2.30%
  • ING​ reduced the base rate on its savings products from 1.35% to 1.15%. This
    change affects the ≤$50,000 tier on its Savings Accelerator product, in
    addition to its Savings Maximiser rate if the required everyday transactions
    to access the special rate are not made. The special Savings Maximiser rate
    remains unchanged at 2.80%
  • ME Bank ​decreased the bonus rate on its competitive Online Savings
    Account by 10 basis points (now 2.85%).
  • Westpac​ added a $50 cashback offer for eligible students opening a new
    Choice Account.

Source: https://mozo.com.au/

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