Banks - got to "love" em

It's interesting, isn't it, to observe bank's reaction time to RBA's raising of interest rates.

When RBA jacks up interest rates, banks are so quick to do the same for their lending products.....sometimes in a matter of hours after RBA ups the rates. It seems like a race at times - a race between the banks to see who is fastest to bring up their interest rates after RBA's announcement. But the banks are nowhere near as quick to raise interest rates for their deposits.

On the other hand, when RBA cuts interest rates, banks are ohhhh soooooooo slow to act. Sometimes, they wait for weeks before bringing their rates down on their loans.

Yes, I know the reasons why banks display such self-serving behaviour, but the sheer contrast in the banks' "reaction time" between RBA increasing & decreasing interest rates is just so great, that their actions may portray them as money-grabbing institutions. Who could blame customers for thinking that banks are just looking out for their own best interests instead of the best interests of customers?

Banks - u just got to "love" them.