The banks that slashed savings rates after RBA cut – and ways to earn more interest
The Reserve Bank of Australia (RBA) has moved to support borrowers, cutting the official cash rate by 25 basis points to a new low of 3.60%. But what's good news for home loan holders could be bad news for savers, with banks already beginning to reduce their savings rates.
Don't let your hard-earned cash sit in a low-interest account. Now is the perfect time to shop around and find a better home for your money. Here's a breakdown of your best options to get the highest returns, from savings accounts to alternative investments.
Savings rate cuts announced after August RBA decision
Several banks have announced savings rate reductions. The changes, most taking effect in August, include cuts of up to 25 basis points (bps) across introductory, ongoing and bonus rates.
These rates include bonus and introductory offers that may require conditions to qualify.
| Bank | Account | Old rate (p.a.) | New rate (p.a.) | Effective date | Conditions |
|---|---|---|---|---|---|
| ANZ | ANZ Plus Growth Saver | 4.50% | 4.25% | 22 Aug | Maximum rate (standard + bonus) |
| ANZ | ANZ Plus Growth Saver | 0.15% | 0.05% | 22 Aug | Standard variable |
| ANZ | ANZ Plus Growth Saver | 4.35% | 4.20% | 22 Aug | Bonus variable |
| ANZ | ANZ Plus Flex Saver | 4.50% | 4.25% | 22 Aug | First $5,000 |
| ANZ | ANZ Plus Flex Saver | 1.50% | 1.25% | 22 Aug | Over $5,000 |
| ANZ | Online Saver | 0.90% | 0.65% | 22 Aug | Standard variable |
| ANZ | Progress Saver | 3.40% | 3.15% | 22 Aug | Maximum rate |
| CBA | NetBank Saver | 1.90% | 1.55% | 22 Aug | Standard variable rate |
| CBA | NetBank Saver | 4.65% | 4.45% | 22 Aug | Introductory rate |
| CBA | GoalSaver | 0.30% | 0.25% | 22 Aug | Standard variable rate |
| CBA | GoalSaver | 4.45% | 4.25% | 22 Aug | Total bonus rate |
| CBA | Youthsaver | 2.15% | 1.90% | 22 Aug | Standard variable rate |
| CBA | Youthsaver | 4.55% | 4.30% | 22 Aug | Total bonus rate |
| NAB | iSaver | 1.50% | 1.25% | 15 Aug | Standard variable rate |
| NAB | iSaver | 4.65% | 4.40% | 15 Aug | Total introductory rate |
| NAB | Reward Saver | 4.35% | 4.10% | 15 Aug | All balance tiers |
| Westpac | Westpac Life | 4.50% | 4.25% | 22 Aug | Total variable rate with bonus interest |
| Westpac | Westpac eSaver | 4.50% | 4.25% | 22 Aug | Total variable rate with 5-month intro rate for new online customers |
| AMP Bank | AMP Bank GO Save | 4.50% | 4.25% | 15 Aug | For balances up to $250,000 |
| AMP Bank | AMP Bank GO Save | 3.75% | 3.50% | 15 Aug | For balances $250,000.01 to $5 million |
| AMP Bank | AMP Saver | 4.70% | 4.45% | 15 Aug | Bonus and standard rate cut; requires monthly growth of at least $250 |
| AMP Bank | AMP Cash Manager | 4.50% | 4.25% | 15 Aug | For balances $10,000.01 to $250,000 |
| AMP Bank | AMP Cash Manager | 3.85% | 3.60% | 15 Aug | For balances $250,000.01 to $5 million |
| Bank First | Bonus Saver | 4.05% | 3.80% | 1 Sep | Bonus interest earned with at least one deposit and no withdrawals in the calendar month |
| Bank First | First Home Bonus Saver | 4.10% | 3.85% | 1 Sep | Bonus interest earned with a minimum of $100 in deposits and no withdrawals in the calendar month |
| BankSA | Incentive Saver | 4.65% | 4.40% | 22 Aug | On balances up to $250k, bonus criteria met |
| BankSA | Maxi Saver | 4.65% | 4.40% | 22 Aug | 3-month intro rate for new customers |
| Bank of Melbourne | Incentive Saver | 4.65% | 4.40% | 22 Aug | On balances up to $250k, bonus criteria met |
| Bank of Melbourne | Maxi Saver | 4.65% | 4.40% | 22 Aug | 3-month intro rate for new customers |
| Bank of Queensland | Future Saver | 5.10% | 4.85% | 15 Aug | For customers aged 14-35 with balances up to $50,000 (conditions apply) |
| Bank of Queensland | Smart Saver | 4.75% | 4.60% | 15 Aug | For customers aged 36+ with balances up to $250,000 (conditions apply) |
| Bank of Queensland | Simple Saver | 4.25% | 4.05% | 15 Aug | Introductory rate for new customers |
| Bank of Sydney | BOS Saver | 4.00% | 0.00% | 1 Sep | For balances of $1,000,000 or more |
| Bank of Sydney | Business Saver | 1.20% | 1.00% | 1 Sep | For balances $0–$9,999 |
| Bank of Sydney | Business Saver | 3.35% | 1.00% | 1 Sep | For balances $1,000,000+ |
| Border Bank | U30 SUPER CHARGE | 4.75% | 4.50% | 22 Aug | For members aged 18-29; full salary must be credited |
| Border Bank | Savings Plus | 1.50% | 1.25% | 22 Aug | For balances $50,000–$99,999 |
| Border Bank | Savings Plus | 4.00% | 3.75% | 22 Aug | For balances $100,000–$249,999 |
| Border Bank | Bonus Saver | 4.00% | 3.75% | 1 Sep | Bonus rate only; requires monthly deposit |
| Great Southern Bank | Home Saver | 4.75% | 4.50% | 15 Aug | For balances up to $100,000 (conditions apply) |
| Great Southern Bank | Goal Saver | 4.85% | 4.60% | 15 Aug | Maximum rate |
| Great Southern Bank | Youth eSaver | 5.00% | 4.85% | 15 Aug | On balances up to $5,000 for newborns to 17-year-olds |
| ING | Savings Maximiser | 5.00% | 4.80% | 19 Aug | Highest available rate for customers who meet monthly eligibility criteria |
| ING | Savings Maximiser | 4.95% | 4.75% | 19 Aug | Additional variable rate for new and existing customers |
| ING | Savings Accelerator | 2.35% | 2.10% | 19 Aug | Standard variable rate for balances $0–$50,000 |
| ING | Savings Accelerator | 3.25% | 3.00% | 19 Aug | Standard variable rate for balances $50,000–$149,999 |
| ING | Savings Accelerator | 4.20% | 3.95% | 19 Aug | Standard variable rate for balances > $150,000 |
| ING | Savings Accelerator | 3.10% | 2.85% | 19 Aug | Kick starter rate for balances $0–$50,000 |
| ING | Savings Accelerator | 4.00% | 3.75% | 19 Aug | Kick starter rate for balances $50,000–$149,999 |
| ING | Savings Accelerator | 4.95% | 4.70% | 19 Aug | Kick starter rate for balances > $150,000 |
| ME Bank | HomeMe | 4.85% | 4.60% | 15 Aug | Highest rate on balances up to $100k |
| ME Bank | SaveMe | 3.85% | 3.60% | 15 Aug | Highest rate on balances up to $500k |
| Macquarie Bank | Savings Account | 4.85% | 4.60% | 15 Aug | Introductory rate for first 4 months on balances up to $250,000 |
| Macquarie Bank | Savings Account | 4.50% | 4.25% | 15 Aug | Ongoing rate for balances up to $2 million, after intro period |
| Macquarie Bank | Savings Account | 2.25% | 2.00% | 15 Aug | Ongoing rate for balances over $2 million, after intro period |
| MyState Bank | Bonus Saver | 4.50% | 4.25% | 18 Aug | Max rate, balances up to $500k |
| MyState Bank | Special eSaver | 0.40% | 0.20% | 18 Aug | Balance $0–$24,999 |
| MyState Bank | Special eSaver | 0.45% | 0.25% | 18 Aug | Balance $25,000–$49,999 |
| MyState Bank | Special eSaver | 0.60% | 0.40% | 18 Aug | Balance $50,000–$149,999 |
| MyState Bank | Special eSaver | 0.75% | 0.50% | 18 Aug | Balance $150,000–$249,999 |
| MyState Bank | Special eSaver | 0.75% | 0.50% | 18 Aug | Balance $250,000+ |
| Police Bank | U30 SUPER CHARGE | 4.75% | 4.50% | 22 Aug | For members aged 18-29; full salary must be credited |
| Police Bank | Savings Plus | 4.00% | 3.75% | 22 Aug | For balances $100,000 to $249,999 |
| Police Bank | Savings Plus | 1.50% | 1.25% | 22 Aug | For balances $50,000 to $99,999 |
| Police Bank | Bonus Saver | 4.00% | 3.75% | 1 Sep | Bonus rate only |
| Rabobank | High Interest Savings | 5.15% | 5.00% | 19 Aug | Introductory rate for new accounts for 4 months |
| Rabobank | High Interest Savings | 3.70% | 3.45% | 19 Aug | Standard variable rate |
| Rabobank | Premium Saver | 4.80% | 4.65% | 19 Aug | Requires monthly balance growth of at least $200 |
| Rabobank | Premium Saver | 0.90% | 0.60% | 19 Aug | When bonus criteria are not met |
| Rabobank | Premium Saver | N/A | 3.00% | 19 Aug | For account balances over $250,000 |
| St.George Bank | Incentive Saver | 4.65% | 4.40% | 22 Aug | On balances up to $250k, bonus criteria met |
| St.George Bank | Maxi Saver | 4.65% | 4.40% | 22 Aug | 3-month intro rate for new customers |
| Ubank | Save Account | 4.60% | 4.35% | 19 Aug | Everyday bonus rate, applies to balances up to $1 m if bonus criteria are met |
| Ubank | Save Account | N/A | 5.00% | 19 Aug | Welcome bonus rate for new customers for up to 4 months on balances up to $1 m |
| Up | Grow & Flow | 4.85% | 4.60% | 1 Sep | Grow rate – maximum rate on balances up to $250k |
| Up | Grow & Flow | 1.50% | 1.25% | 1 Sep | Flow rate |
| Virgin Money | Boost Saver | 4.45% | 4.20% (+ 0.30% Lock Saver) | 17 Aug | Total variable rate with bonus; extra 0.30% p.a. for Lock Saver feature |
Source: Mozo database. This list is updated periodically. Figures accurate as at 22 August, 2025.
Super savings strategies
High-interest savings accounts can offer very healthy returns but usually require you to meet strict conditions to access the top rates – here are some factors to keep in mind:
- Look beyond the Big Four for better rates
- Conditions include regular deposits, limited withdrawals, or linked transaction accounts
- Read the fine print to avoid surprises
- Spreading money across accounts helps you access the best rates and keep funds flexible
Prefer no ongoing conditions? Try a term deposit
Term deposits give you a fixed, guaranteed rate over a set period, with no ongoing conditions.
- Fixed interest rate for 1 month to several years
- Rate stays the same even if market or RBA rates change
- No need to monitor regularly
- Use laddering: split savings into multiple deposits with staggered maturities for flexibility
Want more growth? Consider ETFs
Exchange traded funds (ETFs) invest in a mix of assets on the Australian Securities Exchange (ASX). They offer diversification and can often have lower fees than managed funds.
- Invest in bundles of stocks or bonds traded like shares
- Spread risk by tracking indexes or sectors
- Typically lower fees than managed funds
- Research and assess your risk tolerance before investing
- Past performance isn’t guaranteed; values can fall as well as rise
Compare more savings accounts below
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Savings+Bonus
Go to site- Maximum rate
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4.25
%
p.a.
(for $1 to $250,000)
- Standard rate
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1.75
%
p.a.
(for $1 to $250,000)
- Enjoy bonus interest when you meet criteria
- Access your money at any time via app
- $250K maximum balance
- Standard rate
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Balances from $1: 1.75% p.a.
Balances from $250,000: 0.15% p.a.
- Maximum rate
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Balances from $1: 4.25% p.a.
Balances from $250,000: 2.65% p.a.
- Maximum rate conditions
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Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
- Interest paid
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Monthly
- Account fee per month
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$5.00 - Monthly membership fee is waived if total balance exceeds $1000, or has a loan or credit card with bank.
- Access
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- Kids ages
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-
- Minimum balance
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$1.00
- Other restrictions
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Must become a First Option Bank member to open an account.
- Other benefits
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Read reviews and learn more about First Option Bank savings accounts
Go to site
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