ANZ Bank passes on full RBA interest rate cut | clancyyeates matt_dunckley
NAB chief customer officer for consumer banking Mike Baird said the bank had considered funding costs, particularly deposits, and competitive pressures in making its decision.
The bank has also offered sweeteners to its deposit-holders in a move it says provides a fair balance between savers and borrowers. It will create a new special five-month term deposit with a 2.2 per cent per annum interest rate and offer a further 0.1 per cent on top for pensioners. NAB's acting chief executive Phil Chronican warned on Tuesday that it was becoming "practically impossible" to drop rates for deposits any lower.
“On balance, we believe this is the right decision for our home loan customers and for our business."
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