Aussie Savers Lose Out on Interest Hikes

0:00Sabers in Australia are getting short-changed on interest rate hikes because the big four banks haven't budged on base rates for bonus savings. Accounts, even after the reserve bank bumped the cash rate to 4.1% last month. They pass the full hike to home loans and max bonus rates, but only if you jump through hoops like growing your balance each month. Otherwise, you're. Base rates stays flat. Experts at Canstar say this selective pass-through is a pattern, with customers often missing out entirely since banks are sitting on piles of cash, and folks aren't switching accounts much. Over 2022 and 2023 hikes, bonus rates jumped in average 4.05 percentage points, but base rates barely moved up to 0.42 points. That's goal for the bank's profits. Now smaller players are heating things up, judo banks at 5.35%, great Southern offers 5.5% on 5-year. And AMPs about to drop the top no strings right time to shop around and read the fine print

1:02for those real gains. I'm Corey with The Story, and you've been listening to Sydney News today, AI-powered local news.