Recent interest rate carvings by the Reserve Bank has forced the country’s largest bank to clip savings potential on several deposit accounts, including its kids YouthSaver, which is commonly associated with CBA’s school Dollarmites program.
However, the knife taken to its youth savings product is larger than the RBA’s recent rate cut, with the major bank slashing its YouthSaver by 20 basis points to 0.8 per cent for balances less than $50,000. Balances over $50,000 hold an ongoing rate of 0.05 per cent. CBA since the start of the year has cut savings rates eight times. Picture: NCA NewsWire / Gaye GerardThe bank has shaved 15 basis points from its standard Net Bank account, which now has an introductory rate of 0.6 per cent before converting to an ongoing rate of 0.05 per cent.
Canstar finance executive Steve Mickenbecker said CBA was the ninth bank to slash rates on deposits accounts since the RBA’s recent cut.
Wait till all money goes digital and you will have to pay to keep your money in the bank, luckily corona came along to speed up the process