Mmastodon BusinessPersonal Finance first seen 5 h ago, last 59 min ago, peak #2
Australian banks slow to pass rate rises on to savers
Original: Banks sitting on billions in savers' money as interest rates rise By Adelaide Miller and Jasper Wells Four interest rate
ABC News reports that four interest rate hikes by the Reserve Bank of Australia have added hundreds of dollars to monthly mortgage repayments, but savings accounts have seen far smaller gains. The report argues banks are keeping billions of dollars in savers' money rather than passing on higher rates, widening the gap between what borrowers pay and what depositors earn.
Why now: Falling real returns for savers alongside rising mortgage costs make the banks' rate-passing behaviour a timely consumer finance issue.
Reserve Bank of AustraliaAustralian banksABC NewsAdelaide MillerJasper Wells
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