NAB, ANZ cut savings rates after Reserve Bank cuts interest rate again

NAB and ANZ have both cut their savings rates again in the wake of the Reserve Bank of Australia’s decision to reduce the official interest rate to 1.0 per cent.

NAB’s basic savings account now offers just 0.11 per cent interest, and ANZ’s

just 0.15 per cent, after they on Friday reduced interest rates by between 0.15 per cent and 0.25 per cent.

“Australian savers are now staring down the barrel at zero interest rates,” Canstar finance expert Steve Mickenbecker said.

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