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While lending rates and funding costs drive profitability of banks, other factors are also at play, such as bad debts and the health of the economy
Australians who put their money in the bank can now get 4.8 per cent interest. But some of the BIg Four banks are still being stingy, despite nine Reserve Bank interest rate rises.
Australian savers have been missing out despite nine successive interest rate rises since last year. Those hoping for better returns are being urged to consider switching from a Big Four bank.
The treasurer said he expects deposit rates to lift alongside official rate rises, but the banks remained silent on whether they would pay savers more.
Several lenders have announced interest rate rises on mortgage and savings rates, following the central bank’s decision to raise the cash rate by 50 bps.