AUSTRALIAN banks have been caught out failing to pass on the benefits of higher interest rates to customers' savings accounts, despite immediately hiking the cost of mortgage repayments. The major banks were accused of profiteering after the Reserve Bank revealed the rates on a range of savings accounts were not adjusted higher after the official increases it ordered in August and November last year.Jan 18, 2008
Banks slow to pay interest
AUSTRALIAN banks have been caught out failing to pass on the benefits of higher interest rates to customers' savings accounts, despite immediately hiking the cost of mortgage repayments. The major banks were accused of profiteering after the Reserve Bank revealed the rates on a range of savings accounts were not adjusted higher after the official increases it ordered in August and November last year.
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