Australian banks hit back after Treasurer tells the ACCC to investigate deposit pricing, with customers urged to shop around for the best rates.
Aussie households sitting on a $1.33 trillion mountain of savings could get a significant boost to their coffersThe Australian Banking Association said the banks stand ready to assist the Australian Competition and Consumer Commission with its enquiry, hitting back at any suggestion that they behave in an anticompetitive manner.
, with Westpac on Wednesday announcing €1 billion in three-year notes and €500 million in seven-year notes.After a difficult 2022, credit spreads improved by about 20 per cent during the fourth quarter, with banks taking advantage of a period of relative calm and stability, as well as weakness in the Australian dollar.
The latest Australian Prudential Regulatory Authority statistics revealed households currently hold a record $1.33 trillion, but many savers are still earning less than 1 per cent interest, according to Rate City, with the banks lending at much higher rates than they pay depositors for their funds. ANZ said it “will cooperate fully with the ACCC’s enquiry into bank deposit rates”, while National Australia Bank said it would “continue to engage with government, regulators, including the ACCC, and other stakeholders, on a range of topics, including retail deposits.”
“The most competitive rate depends on how much a customer wants to put away in savings and how quickly they want to access their funds as cash.”
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