I was unimpressed with this move on rates, which is on the back of the rate increases for investment loans done by banks only several weeks back.
The Fed reserve rate means nothing it seems, as the banks dont pass on the full rates when there is a drop and now claim increases when there is no increase from the Reserve.
I appreciate there are so called reasons for the 'increase', but frankly it does not gel with me, and today I have moved all money from my accounts and also now researching where I will trade my shares through, I will move those accounts when that is done.
I don't think the bank is in tune with the day to day people on the street who have lost jobs, taken cuts in pay and businesses that have tightened their costs etc. It was time I moved with my feet and I have, after personally explaining at length with my bank manager how unimpressed I am. I also went to my other banks and asked them for their share trade information, and let them know that I will be moving two substantial accounts from Westpac.
One bit of feedback from the manager was, that they have had several complaints already and the management had told them to do what they can with a better offer for their clients who are disturbed by the increase.
Might be worth a chat if you have a loan with the bloodsuckers. I don't have a loan with them.
Footnote: I had a bad phone experience with The National Bank (now NAB) back in the 70s over my first Bankcard (the original credit card). I was sworn at over the phone for missing a payment. Banks were a lot less friendly back then!! Closed all accounts and haven't been back since. Westpac might be next.