Latest news with #NAB
Yahoo
4 hours ago
- Business
- Yahoo
Big four bank announces fresh blow to savers
NAB has become the latest bank to move on interest rates, cutting the rate of one of its more popular savings accounts. NAB has announced its Reward Savers account has fallen by 0.05 per cent for a new maximum rate of 4.35 per cent, in the second cut in less than a month. It follows a 25 basis points rate reduction on May 23 in line with the Reserve Bank of Australia's official interest rate reductions. Account holders with NAB's Reward Savers will now get a 30 basis point reduction on their money held in the account. Canstar data insights director Sally Tindall described it as a small blow for savers who are already watching their returns slip away. 'It shows that banks don't need a cash rate change to move the goalposts for customers. It's a small move but a disappointing one nevertheless,' she said. According to Canstar, NAB is not the only bank moving on rates, with Australians now having just six banks offering at least one ongoing savings rate above 5 per cent including some young adult accounts and excluding those for children. 'While the average savings rate on our database is an uninspiring 3.07 per cent, there are six banks still offering an ongoing savings rate of 5 per cent or more,' Ms Tindall said. While each of the savings accounts comes with terms and conditions, including deposits and transactions, BOQ Future Super, BCU Bank Boss, P & N Bank Savvy Savers, MOVE Bank Growth Saver and ING Savings Maximiser all still offer rates above 5 per cent. Westpac Life Spend and Save also offers younger Aussies a 5 per cent savings rate, but comes with the major caveat of being for those aged 18 to 29. Ms Tindall warned if the Reserve Bank cuts the cash rate again in July, which the bond market says has an 83 per cent chance of happening, the days of a 5 per cent savings rate could be behind us. 'If the RBA wields its knife again in July or August, savings rates starting with a 5 won't last beyond winter,' she said. 'Term deposit rates are, unsurprisingly, falling faster than at-call savings rates, as banks continue to bake in further cash rate cuts into the fixed rate term. 'If you're someone who likes the certainty and security a term deposit can bring, time is of the essence as these rates are likely to keep on falling in the weeks ahead.'
Perth Now
4 hours ago
- Business
- Perth Now
Big four bank announces fresh blow to savers
NAB has become the latest bank to move on interest rates, cutting the rate of one of its more popular savings accounts. NAB has announced its Reward Savers account has fallen by 0.05 per cent for a new maximum rate of 4.35 per cent, in the second cut in less than a month. It follows a 25 basis points rate reduction on May 23 in line with the Reserve Bank of Australia's official interest rate reductions. Canstar called it a 'small blow' for savers. NewsWire / Nicholas Eagar. Credit: NewsWire Account holders with NAB's Reward Savers will now get a 30 basis point reduction on their money held in the account. Canstar data insights director Sally Tindall described it as a small blow for savers who are already watching their returns slip away. 'It shows that banks don't need a cash rate change to move the goalposts for customers. It's a small move but a disappointing one nevertheless,' she said. According to Canstar, NAB is not the only bank moving on rates, with Australians now having just six banks offering at least one ongoing savings rate above 5 per cent including some young adult accounts and excluding those for children. 'While the average savings rate on our database is an uninspiring 3.07 per cent, there are six banks still offering an ongoing savings rate of 5 per cent or more,' Ms Tindall said. While each of the savings accounts comes with terms and conditions, including deposits and transactions, BOQ Future Super, BCU Bank Boss, P & N Bank Savvy Savers, MOVE Bank Growth Saver and ING Savings Maximiser all still offer rates above 5 per cent. Westpac Life Spend and Save also offers younger Aussies a 5 per cent savings rate, but comes with the major caveat of being for those aged 18 to 29. NAB announces a small cut to popular savings account. NewsWire / Gaye Gerard Credit: News Corp Australia Ms Tindall warned if the Reserve Bank cuts the cash rate again in July, which the bond market says has an 83 per cent chance of happening, the days of a 5 per cent savings rate could be behind us. 'If the RBA wields its knife again in July or August, savings rates starting with a 5 won't last beyond winter,' she said. 'Term deposit rates are, unsurprisingly, falling faster than at-call savings rates, as banks continue to bake in further cash rate cuts into the fixed rate term. 'If you're someone who likes the certainty and security a term deposit can bring, time is of the essence as these rates are likely to keep on falling in the weeks ahead.'
News.com.au
5 hours ago
- Business
- News.com.au
NAB announces second rate cut for savers in a month
NAB has become the latest bank to move on interest rates, cutting the rate of one of its more popular savings accounts. NAB has announced its Reward Savers account has fallen by 0.05 per cent for a new maximum rate of 4.35 per cent, in the second cut in less than a month. It follows a 25 basis points rate reduction on May 23 in line with the Reserve Bank of Australia's official interest rate reductions. Account holders with NAB's Reward Savers will now get a 30 basis point reduction on their money held in the account. Canstar data insights director Sally Tindall described it as a small blow for savers who are already watching their returns slip away. 'It shows that banks don't need a cash rate change to move the goalposts for customers. It's a small move but a disappointing one nevertheless,' she said. According to Canstar, NAB is not the only bank moving on rates, with Australians now having just six banks offering at least one ongoing savings rate above 5 per cent including some young adult accounts and excluding those for children. 'While the average savings rate on our database is an uninspiring 3.07 per cent, there are six banks still offering an ongoing savings rate of 5 per cent or more,' Ms Tindall said. While each of the savings accounts comes with terms and conditions, including deposits and transactions, BOQ Future Super, BCU Bank Boss, P & N Bank Savvy Savers, MOVE Bank Growth Saver and ING Savings Maximiser all still offer rates above 5 per cent. Westpac Life Spend and Save also offers younger Aussies a 5 per cent savings rate, but comes with the major caveat of being for those aged 18 to 29. Ms Tindall warned if the Reserve Bank cuts the cash rate again in July, which the bond market says has an 83 per cent chance of happening, the days of a 5 per cent savings rate could be behind us. 'If the RBA wields its knife again in July or August, savings rates starting with a 5 won't last beyond winter,' she said. 'Term deposit rates are, unsurprisingly, falling faster than at-call savings rates, as banks continue to bake in further cash rate cuts into the fixed rate term. 'If you're someone who likes the certainty and security a term deposit can bring, time is of the essence as these rates are likely to keep on falling in the weeks ahead.'
Yahoo
6 hours ago
- Business
- Yahoo
Major bank deals double blow for Aussie savers with interest rate cut: 'Disappointing'
NAB has cut the interest rate on one of its popular savings accounts today. It's a double blow for customers, after the major bank already cut rates following the Reserve Bank of Australia's (RBA) cash rate cut last month. NAB has cut its Reward Saver account by 0.05 per cent, bringing the new maximum rate down to 4.35 per cent. It follows a 0.25 per cent cut on May 23, bringing the total cut to 0.30 per cent. While the bank's move is a small one, it's a sign of a bigger trend when it comes to falling savings rates. Canstar research found other banks were cutting rates above and beyond the RBA cuts, including ING and Rabobank. RELATED RBA urged to cut interest rates in weeks as unemployment 'blow out' fears escalate Centrelink age pension changes coming into effect from July 1 Centrelink rule change gives more Aussies access to $5,000 cash boost 'It shows that banks don't need a cash rate change to move the goalposts for customers. It's a small move but a disappointing one nevertheless,' Canstar data insights director Sally Tindall said. The average savings rate on its database is currently 3.07 per cent. There are just six banks still offering an ongoing savings rate of 5 per cent or more. 'That said, if the RBA wields its knife again in July or August, savings rates starting with a 5 won't last beyond winter,' Tindall said. NAB expects the RBA will cut interest rates again in July, August and November, to bring the cash rate down to 3.10 per cent. CBA, Westpac and ANZ think the next cut won't be until August, with Westpac recently doubling its forecast to expect cuts in August, November, February and May. CBA and ANZ expect there will only be two more cuts in this cycle. BOQ Future Saver for 14 to 35 year olds offers the highest ongoing savings account rate at 5.10 per cent, according to Canstar. That's despite the bank cutting the maximum rate yesterday from 5.25 to 5.10 per cent. Customers have to deposit $1,000 and make at least five transactions in a linked bank account to get this maximum rate. Other accounts currently offering 5 per cent savings rates are BCU Bank Boss Saver, P&N Bank Savvy Saver, Westpac Life Spend&Save, Move Bank Growth Saver and ING Savings Maximiser. Term deposit rates have also been falling, with more than 50 banks cutting at least one rate in the last month, including all of the Big Four banks. 'Term deposit rates are, unsurprisingly, falling faster than at-call savings rates, as banks continue to bake in further cash rate cuts into the fixed rate term,' Tindall said. 'If you're someone who likes the certainty and security a term deposit can bring, time is of the essence as these rates are likely to keep on falling in the weeks ahead.'Error in retrieving data Sign in to access your portfolio Error in retrieving data
News.com.au
11 hours ago
- Business
- News.com.au
National Australia Bank fined over data-sharing scheme
One of Australia's big four banks has been fined more than $750,000 over the use of data in an economy-wide system. The National Australia Bank was issued infringement notices by the competition watchdog over breaches of data rules. NAB has avoided admitting to breaking the rules but has now paid the $751,200 fine over the four breaches. The issue stems from NAB's interactions with the economy-wide Consumer Data Right (CDR) data sharing scheme. 'Poor data quality prevents consumers from experiencing the full benefits of the CDR,' Australian Competition and Consumer Commission deputy chair Catriona Lowe said. 'When banks or energy retailers don't provide accurate data, consumers can't take advantage of CDR products and services to compare products, find better deals, manage their finances or make informed decisions about product switching.' The bank co-operated with the consumer watchdog's inquiry and has rectified the issues. The Consumer Data Right gives consumers the right for their data to be safely transferred between data holders and accredited persons, making price comparisons based on up-to-date and correct data easier. The system began in the banking sector in mid-2020 and for energy retailers in late-2022. In the second half of 2024, 530,000 people used the system for a total of 582 million data requests. In mid-2026, non-bank lenders will become part of the system. Ms Lowe said the banks had several years to understand their CDR obligations. NAB's breaches relate to disclosure or accurate disclosure of credit limit data to different CDR providers on behalf of consumers. 'NAB has made a significant investment to deliver the complex CDR requirements as well as investing resources to develop our capabilities to deliver new innovations,' a NAB spokesperson said. 'We have fully co-operated with the ACCC's review and have resolved the data quality error identified. 'We appreciate and recognise the importance of ensuring we are meeting the standards necessary and expected under the regulations.'
