CBA’s group executive for retail banking, Matt Comyn, said to Fairfax Media the bank had considered the needs of deposit customers as well as borrowers in its decision. “Lifting the rates for our deposit customers at a time when the cash rate is decreasing recognises the importance of savings income, particularly for retirees and young people.”
It is a contrast to the other of the four banks, ANZ who today announced only that they would pass on the rate cut in full to homeowners. Westpac and NAB had at the time of writing not yet announced their rates position.
Do you think we’ll start to see other institutions move against the interest rate trend in an effort to shift the retiree’s dollars through their doors as the battle for the silver and superannuation dollar heats up?