Westpac (ASX:WBC) share price slides amid further savings rates cuts

Let’s take a closer look.
The post Westpac (ASX:WBC) share price slides amid further savings rates cuts appeared first on The Motley Fool Australia. –

The Westpac Banking Corp (ASX: WBC) share price is in the red today amid news the bank has cut its savings rates.

The big bank cut its saving rates by up to 0.5% today, as did its subsidiaries St George, Bank of Melbourne, and Bank SA.

Right now, the Westpac share price is $25.81, 0.73% lower than its previous close.

That positions Westpac as the second worst performing big four bank on Friday. The Commonwealth Bank of Australia (ASX: CBA) share price is also in the red, down 0.32%.

Meanwhile, shares in Australia and New Zealand Banking Group Ltd (ASX: ANZ) have fallen 0.79%, while those of National Australia Bank Ltd. (ASX: NAB) are bringing up the rear with a 1.13% drop.

Westpac cuts savings rates once more

The Westpac share price is struggling today amid its decision to cut its savings rates for the third time in less than 12 months.

According to Australian financial comparison business, RateCity, Westpac has cut the savings rates on its Life savings accounts by 0.5% for those aged between 18-29 years, and 0.1% for all other adults.

It has also lowered the introductory savings rate for its eSavers accounts by 0.1%.

RateCity stated Westpac has now lowered its savings rates 3 times since the Reserve Bank of Australia lowered the cash rate in November 2020.’s research director, Sally Tindall, commented the savings rate drops, saying:

Westpac has caved to the pressure of the low-rate environment, cutting savings rates despite no move to the cash rate.

Westpac isn’t the only big bank to have cut its saving rates recently. The Commonwealth Bank cut its savings rates by up to 0.07% last month.

Westpac share price snapshot

Despite today’s dip, the Westpac share price has been performing well lately.

It has gained 31% since the start of 2021. It is also 53% higher than it was this time last year.

The post Westpac (ASX:WBC) share price slides amid further savings rates cuts appeared first on The Motley Fool Australia.

Should you invest $1,000 in Westpac Banking Corp right now?

Before you consider Westpac Banking Corp, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Westpac Banking Corp wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Why this fund manager sees limited growth potential for ASX 200 banks

What this broker thinks of the Westpac (ASX:WBC) share price
Could liar loans crash the housing market?

How these 4 ASX 200 bank shares have performed since reporting results

Why this broker sees the Westpac (ASX:WBC) share price hitting $30

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!