As is typical, the interest rates on transaction accounts (which are at or close to zero) have not been changed following the reductions in the cash rate. However, these account for only a small share of the total value of the banks' retail deposits.
[4] Other at-call deposit rates are estimated to have been lowered by 40−45 basis points, while interest rates on term deposits have fallen significantly over recent months. The banks have passed on these lower costs of funds to borrowers.