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Date Published : Monday, February 18, 2008
One of Australia's largest banks has announced it has passed on the Reserve Bank's decision to increase interest rates to savers who have a savings account with the institution.
National Australia Bank (NAB) has increased the levels of interest paid out to customers on its popular iSaver account by 0.25 per cent to 6.8 per cent as of yesterday (February 18th).
Term deposit customers with the bank will also be able to access higher interest rates with a range of offers on savings accounts, including 11 months at 7.75 per cent on balances between $20,000 and $500,000.
The NAB's most popular business deposit account - the Business Cash Maximiser - will increase interest rates by up to 0.4 per cent to 6.85 per cent on all balances over $10,000.
NAB executive director and chief executive officer Ahmed Fahour said: "Deposits represent an important part of NAB's funding mix and we are keen to continue to build our presence in this market.
"These new rates are designed to benefit customers who would like to build their savings."
Earlier this month, the Reserve Bank of Australia increased interest rates by 0.25 per cent to seven per cent - the highest level for 12 years.
That was followed by a number of major banks increasing the rates of variable home loans as well as savings accounts.
BankWest, for example, followed the Reserve Bank's line by increasing the rate of interest charged on its TeleNet Saver accounts by 0.25 per cent to seven per cent.
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