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Yellow Submarine – CBA changes logo … oh, and btw submerges rates on savings

Savers have been dealt another blow, with the Commonwealth Bank slashing savings rates on deposit accounts.

Bowing to the economic pressures from the coronavirus pandemic, the country’s largest retail bank has carved five basis points off its standard and conditional savings accounts, including its kids savings product linked to the Dollarmites school banking program.

CBA has cut the five-month introductory rate on its standard NetBank Saver to 0.85 per cent, which then reverts to an ongoing rate of 0.05 per cent.

The bank’s conditional Goal Saver account now attracts a maximum rate of 0.85 per cent for balances over $50,000, while balance less than $50,000 have a rate of 0.5 per cent.

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Self-confessed confused news junkie, with lifelong additions to coffee, great conversations, perfection in all its forms, cold wine, hot music and puppy dogs.

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