Let’s face it, Bank Hating is almost a competitive sport in this country. And, in many cases they deserve some of the vehement admonishment that is dished upon them.
The ‘Big Story’ in the current climate is not whether or by how much the RBA will cut interest rates but rather, how much of that expected decrease will be passed to us the consumer in the form of lower home loan rates.
And as predictable as the setting of the sun, when we don’t get the full cut we scream blue murder.
There is however, one small point that no-one has bothered to tell you, or perhaps isn’t as news worthy.
The banks have not been passing on the full rate cut to savings accounts and term deposits either.
That might not matter much to you, but it is certainly helping your poor old mum who is struggling to get by on the interest from the few savings her and your dad accumulated back when their home loan was 18%.
That little bit extra might just be the deciding factor that lets her turn her heater on tonight.