Customers: Savings and Households

customers: The major banks are tipped to pocket any savings from today's expected cut in official interest rates despite calls to pass it on to customers, according to Nine News Australia. Nine Network Finance Editor Ross Greenwood said it is unlikely households will pocket the full benefits of savings from today's expected cut. To improve your experience update it here News National Concern major banks will not pass on full savings from expected interest rates cut By 9News Staff8 54am Oct 1, rates are expected to be cut from 1 per cent to a record low 0.75 per cent today - the first time they have ever had a zero in front - but there's concern customers won't see the full benefits. Experts say there is a 78 per cent chance the Reserve Bank will slash rates today after two previous reductions in June and July. Their margins are being squeezed as interest rates get closer to zero, Mr Greenwood said. Banks are not likely to pass it on because there margins are being squeezed. (news.financializer.com). As reported in the news.