CBA, NAB to cut savings interest rates

Commonwealth Bank and National Australia Bank are set to cut interest rates on savings accounts by up to 0.25 percentage points in response to last week's reduction in official interest rates, further eroding returns for savers.

NAB is also expected to announce cuts in deposit interest rates of up to 0.25 percentage points on Friday. Unlike rivals ANZ Bank and Westpac, CBA and NAB are both passing on last week's 0.25 percentage point cut to their mortgage customers in full.

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