Usually the banks pass on interest rate rises to their various savings accounts within a few days of the RBA rate rise, however due to the turbulence created by the CBA increasing their home loan rates by 0.45% compared to the RBA 0.25% most of the other banks have held back before releasing their rate increases. Finally all the rate rises are in. The following table shows the rate increases for Australian banks whom have an indentifiable high interest savings account suitable for Self Managed Super Funds (DIY Super).
The big 4 Australian banks despite other banks around the world doing it tough due to the GFC, are claiming the cost of wholesale borrowings are getting more expensive and they need to pass this on. According to the Federal Treasurer and the opposition shadow Treasurer this is not true.
Two of the worldâ€™s largest banking groups, Citibank and HSBC, have Australian offshoots and specialise in cross border banking services. We compare what banking facilities they have to offer Aussies who are playing, home or away.
This is a very quick overview of the proposed changes as outlined in the 2010 Federal Government Budget. The proposed changes will need to be confirmed by the passing of any relevant legislation and thus all details may change.