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Two major banks slashed interest rates on your savings accounts

After two consecutive rate cuts, dozens of institutions have passed them onto their savings account products, hitting those who rely on their cash savings. After two consecutive rate cuts, dozens of institutions have passed them onto their savings account products, hitting those who rely on.

Similarly, banks such as Axis Bank, HDFC, Bank of Baroda and Indian Bank slashed the interest rate offered on savings accounts having deposits below Rs 50 Lakhs by 50 basis points to 3.5%. Karnataka Bank now offers 3% interest rate on savings accounts that have deposits up to Rs 1 Lakh.

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All five major banks have announced cuts to home loan and savings rates in the wake of the Reserve Bank’s official cash rate cut. The RBNZ slashed the cash rate by 50 basis points to 1 per cent today – a new record low for New Zealand’s cash rate.

Two of the. the RBA’s June and July interest rate cuts there would be a pass-through to savings accounts. He said all four of the major banks reduced their online savings rates to 0.3 per cent.

Three year fixed rates. access Bank UK offers the best rate at 2.25 per cent AER for three years, followed by Charter Savings Bank at 2.21 per cent AER fixed. The NS&I three year bond allows you to withdraw your money subject to 90 days loss of interest on the amount taken out and stands at 2.20 per cent AER fixed.

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Last week, the Reserve Bank of Australia slashed interest rates by 0.25 per cent to a record-low of 1.25 per cent, but not all the banks passed on the entire rate cut. ANZ and Westpac passed on a 0.18 and 0.20 per cent rate cut, while the Commonwealth Bank of Australia and NAB passed on the full 0.25 per cent cut.

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Get a higher interest rate when comparing the best savings accounts* The best savings account* can make your money work harder for you.

Most banks offer a variety of savings accounts, each offering a different interest rate. Rates can also change for the same savings account, depending on the balance or the status of your other accounts with the bank. We’ve listed a range of interest rates for standard savings accounts at the largest banks in the U.S.

My favorite things about high-yield savings accounts, apart from the high interest rates, are that they’re free and can be.

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