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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