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.