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Banks Slash Saving Rates Following Interest Rate Cut

Our banks have been caught out doing the dirty on customers after last week’s rate cut.

New data shows that they’ve slashed savings rates at lightning speed - reducing the amount of interest customers are making. But they are still yet to pass on last week’s rate cut to borrowers.

Worse still NAB, Bank of Qld, AMP and ME bank have all slashed savings rates by more than the Reserve Bank - with cuts of .35 per cent.