ONLY two of the top online savings accounts have passed on the Reserve Bank's November interest-rate rise in full, suggesting the deposit war between the banks is losing intensity.
Bankers have argued that the high cost of raising deposits left them with no choice but to push through lending rates above official moves by the Reserve Bank.
But some of the most aggressive online banks, including Commonwealth Bank-backed Bankwest, Citibank and National Australia Bank's UBank, have held on to most of the November 25-basis-point official rate rise, according to figures supplied by rate-comparison service Mozo.
From today, Virgin Money, which previously had the second-highest interest rate offer in the market, will cut its promotional rate by 24 basis points to 6.51 per cent. In addition to holding on to the RBA rate rise, this equates to an effective rate cut of 49 basis points across its savings accounts.
The Age...more
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