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investors Australia and New Zealand Banking Group Limited (ASX:ANZ) stocks may recall recent comments from Australia’s Federal Treasurer, Jim Chalmers, scolding banks for not raising interest rates on savings accounts.
Well, ANZ CEO Shayne Elliott hit back at such claims this week, outlining the bank’s moves to raise savings rates.
Let’s take a look at what that’s all about S&P/ASX 200 Index (ASX:XJO) bank.
At the time of writing, ANZ’s stock price is $23.42, up 3.17% to date.
ANZ boss reacts to criticism of the treasurer
ANZ shares could be in the spotlight this week after the bank’s CEO responded to criticism from the federal treasurer.
Before the Reserve Bank of Australia (RBA) last week hiked the official interest rate to 1.85%, Chalmers said the decisions of some banks to raise interest rates on savings accounts without raising interest rates were “really disappointing”. ” Was. They said sunrise,
I think people who rely on their savings have been the main victims of historically low interest rates for some time.
Stimulating these interests requires a glimmer of hope for savers, people who need and deserve better interest rates.
But Elliott clapped at such suggestions, saying the comments were “a little bit inappropriate.”
CEO tells 3AW tomorrow Tomorrow Bank “Put”[s] [its] Best move to savings product,” continues:
We have an on-demand savings account; 2.5%… You’ll find that’s the highest interest rate any major bank has ever seen, and I think that’s where it should be… where the cash rate is.
The bank on Monday increased balances in ANZ Plus savings accounts by 0.5% to 2.5% from less than $250,000, following the RBA’s latest hike.
She also announced a new fixed-term deposit rate of 3% with 11-month notice, noting that she is looking at other savings rates.
Snapshot of ANZ stock price
The ANZ stock price of 2022 is the worst-ever performer among the “Big Four” bank stocks.
It’s down 14% year-to-date. Meanwhile, the ASX 200 is down 5.7% over the period.
The bank’s shares are also down 18% over the past 12 months, while the index is down 7%.