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Why aren’t the big banks passing on higher rates to savers?

Jim Wilson
Article image for Why aren’t the big banks passing on higher rates to savers?

The big four banks have all passed on the RBA’s cash rate hike.

For those with money in the bank, a higher cash rate should be a great way to boost your savings right?

“So why aren’t the big banks coming to the table with the higher rates? They’re happy to take your higher mortgage repayments so surely they should let you save a little bit more as well!” Jim said.

Sally Tindall from Rate City.com.au told Jim Wilson it’s a good time for Aussies to look at partnering with ING and Westpac bank.

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Image: Getty

Jim Wilson
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