9News | Banks were quick to pass on rate hikes – just not for savers by 9News

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After the Reserve Bank of Australia lifted the cash‑rate target to 4.35 %, the four major banks quickly announced higher borrowing costs but have been slower to pass the increase on to savers. So far only Westpac has confirmed a rise, offering a 5.75 % ongoing rate on its Spend & Save account for customers aged 18‑34 who meet monthly bonus conditions, while its base rate remains unchanged for others. AMP already provides a “no‑strings‑attached” rate of 5.10 %, and Macquarie will raise its condition‑free account to 5.00 % from 22 May. The Commonwealth Bank, NAB and ANZ say their savings rates are under review and, based on past behaviour, are likely to pass on only part of the hike or impose strict eligibility criteria. Analysts note that after the March increase, bonus‑linked rates rose modestly (about 0.28 pp) while base rates barely moved, and that delaying or limiting pass‑throughs helps the banks protect profit margins—profits that recently hit a collective $43 billion pre‑tax, placing them among Australia’s most lucrative companies.

Read more: https://www.9news.com.au/national/major-banks-hold-off-passing-interest-rate-hike-onto-savers/95de7946-5c86-403e-8108-d555dadb5b34

#ReserveBank #Westpac #AMP #MacquarieBank #CommonwealthBank #NAB #ANZ #RioTinto #BHP #national

"[Westpac NZ chief executive Catherine] McGrath herself was featured in a fake article, which was linked from Meta platforms, which showed deep fakes of her clashing with NZ First leader Winston Peters. The bank lodged complaints with Meta, which the bank said were ignored."

https://www.1news.co.nz/2026/04/23/meta-missing-in-action-over-social-media-deep-fake-scams-westpac/

If a TV station broadcast stuff like this, and management refused to take meaningful action to prevent a repeat, they'd be shut down. Why not FB?

#SocialMedia #scams #Westpac #NZ #Meta #FaceBook

Apparently have succeeded in sending $500 to a relative in South Africa.

#Westpac has, during this process;
suspended my internet and phone banking,
demanded I visit a branch in person to verify my ID,
not taken the block off my phone banking when they should have,
not sent a OTC as requested, etc, etc.

ABSA has charged +$50 to return money they wouldn't deposit into an account that they'd received the details for.

And WU website didn't work nicely either.

May send $ overseas?
Set it up now.

Tried "international banking" with SWIFT / BIC codes etc using a big Australian bank, Westpac.

They blocked my internet banking in retaliation.

Had to attend a branch in person and then wait +3 hours for a verification phone call to get access to internet banking again.

Fortunately no one was in urgent need of the money.
And hopefully I'll be able to smoothly transfer money in future.
But the ✓@π§∆°! service.

#Westpac