Commonwealth Bank cuts savings rate at twice the level of the Reserve Bank

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Commonwealth Bank has shaved savings rates at twice the level prescribed by the Reserve Bank of Australia. 

The country’s largest bank has taken a knife to savings rates yet again, slicing five basis points from its standard NetBank Saver, which now attracts an introductory five month offer of 0.45 per cent. The account then reverts to an ongoing rate of 0.05 per cent.

The RBA cut the cash rate by 15 basis points to 0.1 per cent in November 2020 in an attempt to ease economic pressures sparked by the coronavirus pandemic.

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