NAB and CBA fail to pass on full rate cut
By Derya Goren · 3 May 2012 · Economy
By Derya Goren · 3 May 2012 · Economy
The Reserve Bank's official rate cut has sparked a mixed reaction from the Big Four banks, with two major players failing to pass on the full amount. Will the other banks follow suit, or is this a one-off betrayal of customers' trust?
The National Australia Bank and the Commonwealth Bank are the first of the Big Four banks to reduce their standard variable interest rates following Tuesday’s official rate cut by the Reserve Bank, with both failing to pass on the full amount.
Tags: Big Four banks interest rates, Commonwealth Bank interest rates, Economy, NAB interest rates, official cash rate, official interest rate, Reserve Bank of Australia