Find Banks With The Smallest Interest Rate Drops

interestratesIt's inevitable that as official interest rates drop, the amount you can earn on your savings falls — but that doesn't mean that every bank adjusts their rates with the same ferocity.

Finance comparison site Mozo ranked interest rates on saving accounts over the last six months, to see how closely they mirrored the fall in official rates (which was 3%). Of the 17 institutions it looked at, eight have cut rates by more than that.

The most generous were RaboPlus and INGDirect, which dropped their rates by 2.5% and 2.6% respectively. The worst offender? Bendigo Bank, which now offers a top savings rate of just 1.75%. It makes sense to put what savings you have somewhere where they can earn as much as possible, so if you've had your money locked into one institution for a while, a bit of comparison shopping might well be in order.


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