Bank under fire for rate drop

WESTPAC has been slammed for lowering the amount of interest paid to pensioners at the same time as hiking home loan rates.

Mildura pensioner Geoffrey Byrne was upset to receive a letter this month informing him the interest rate on his 12-month term deposit with the bank would drop.

Westpac 55+ and Retired Everyday accounts with balances between $50,000 and $250,000 will soon earn an interest rate of 1.5 per cent.

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