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Cash payments for Australians with money in the bank

Commonwealth Bank has so far failed to pass on the latest official interest rate rise to everyday savers, but Westpac, NAB and ANZ have.

Three of the Big Four banks increase savings rates by 0.25 percentage points

COMMONWEALTH: No increase to 0.25 per cent GoalSaver

WESTPAC: A 0.25 percentage point increase to Life from May 17 taking it to 0.5 per cent

NAB: A 0.25 percentage point increase to Reward Saver from May 13 taking it to 0.5 per cent

ANZ: A 0.25 percentage point increase to Progress Saver from May 13 taking it to 0.4 per cent

Source: RateCity 

The Commonwealth Bank was the first major lender on Tuesday to announce it had passed on in full the Reserve Bank of Australia’s 0.25 percentage point rate increase to its variable rate home loan borrowers.

Within a year, typical borrowers…


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