WHILE banks have refused to pass on the Reserve Bank's full October interest rate cut to borrowers, they have ensured savers feel its full effects.
ANZ's Progress Saver rate has been cut 25 basis points to 4.91 per cent. Commonwealth Bank's NetBank Saver has fallen 25 basis points to 4.75 per cent, equal to NAB's iSaver.
The Reserve Bank's cut lowered the cash rate to 3.25 per cent, as worrying signs grow for the local economy.
Westpac's Reward Saver has the highest base rate of the major banks, 5.01 per cent, after it too cut 25 basis points.
''Savings account rates have remained relatively higher than the cash rate for the past few years … to encourage household deposits,'' the RateCity spokeswoman Michelle Hutchinson said. ''These high rates were unsustainable for the long term … and we're now starting to see [them] coming down.''