Yesterday it was 3.75% and today it dropped to 3.5%.
Savings Maximiser - Earn up to 3.50%p.a. variable interest. For customers who also have an Orange Everyday bank account and deposit $1,000+ each month from an external account.
Now lagging behind UBank at 3.62%.
chances are ubank will do the same in the very near future
And Rams.
Shares are so much work but they becon.
Damn… Not again :(
Now lagging behind UBank at 3.62%.
^this. ubank still the best.
Last day to get in on 3.85% at ME Bank
https://www.mebank.com.au/lps/osa/me-bank-online-savings-acc…
I am glad I didn't shift from one to the other, I was thinking about it.
Wow they sure dont waste any time these non bank 'high interest' earners!!!!
Going from the banner on the top of the ING homepage, they are giving themselves a week for the home loan rate to drop!
Regarding setting official interest rates, someone ought to point out to the RBA, Newton's famous quote - "What goes down must come up".
We effectively are experiencing a longterm interest rate crash in OZ, IMO.
Aw, don't try talk common sense to them. They're EXPERTS, remember? :-\
Been through this before - not long ago. They drop rates on the assumption home ownership is the engine room of the entire economy - trying to get people to stimulate same economy by buying property. (Oh, rates dropped again honey - quick, lets' risk our life savings to buy a home that could ruin us financially for the next decade or two because they keep dropping interest rates!) Is it? I think it's pretty obvious it doesn't at least atm, hasn't for some time (as interest reductions have done virtually nothing because they just keep on coming, even though they were crowing about property sales in the last two weeks - one-trick ponies they are!), or realise, people just AREN'T INTERESTED in buying. These goobers haven't gotten that through their thick skulls yet.
Consumer confidence in those people that WERE thinking of purchasing, just plummeted further with this latest interest rate drop - not increased. So even LESS people will buy property. Why? Because no-one wants to buy property when it's following the recent USA pattern - albeit more slowly - where it could "crash" (even if it is a soft one), leaving them with a $400,000 loan on a property now worth $300,000 - bringing the bank knocking on their door, hand stuck out demanding people "top-up" their home loan equity to whatever percentage it was supposed to be to keep the banks afloat.
They should be putting interest rates UP not down. But no… They'll keep right on flogging that putrifying horse. And if they do, they may well CAUSE property to crash.
I was a bottom feeder in finance trading for a long time and suspected much of what happens with market prices and trends is basic background manipulation.
I have unfoundedly suspected interest rates have dropped in Oz, in response to significant growth of private bank deposits over the last few years. Profit loss to depositers is someone's gain.
Probably rubbish, but nothing like a good crap theory once in a while.
interest lower is poor for elder people n pensioners. my parents getting little back from banks worse by this
I remember Peter Costello arguing this in ABC Question Time years ago (Against exclusive home loan interest benefit). That many people rely on earned interest for living off.
I rely on it too, but it's not important to me.
Just think it's needed (interest lower) to keep stimulating the economy or something at this time.
It's taking the fun out of having bank savings Glenno!
Damn :(