Tag: bank rate comparison
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Big Four Banks Respond Swiftly to RBA Rate Cuts
Following the Reserve Bank of Australia’s decision to cut the cash rate by 0.25 percentage points at the August monetary policy meeting, Australia’s Big Four banks have swiftly reacted to the changes. The RBA’s cash rate target now stands at 3.60 per cent, prompting a series of responses from major financial institutions. ACCOUNT INTEREST RATE…
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Virgin Money Reverses Decision, Passes Full Rate Cut
In May 2025, the Reserve Bank of Australia announced a rate cut that many banks were expected to pass on to their customers. However, 14 Australian banks initially resisted implementing the full rate reduction, including Virgin Money. This decision sparked concerns among customers who faced the prospect of paying higher interest rates compared to other…