The banks that slashed savings rates after RBA cut – and ways to earn more interest

By Peter Terlato · · 12 min read
Fact Checked
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cutting savings rates

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

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more savings accounts here.
Last updated 17 January 2026 Important disclosures

  • High Interest Savings Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $250,001)
    Bonus rate for the first 4 months from account opening
    Standard rate
    3.45 % p.a.
    (for $0 to $250,001)
    No Partner link

  • High Interest Save Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $1,000,000)
    Welcome bonus rate for new customers for the first 4 months. Reverts to 4.35% bonus rate. Grow your balance by at least $1 per month, payable on total savings up to $1,000,000.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    No Partner link

  • Savings Accelerator

    Maximum rate
    5.00 % p.a.
    (for $150,000 to $500,000)
    New customers who open an account after June 9 2025 receive an introductory bonus 1.05% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Standard rate
    2.10 % p.a.
    (for $0 to $50,000)
    No Partner link

  • Life - 18-34 years old

    Maximum rate
    5.00 % p.a.
    (for $0 to $30,000)
    Make 20 eligible card purchases per month with a linked Westpac Choice account, make one eligible deposit and grow the balance each month. Account balance must not fall below $0.
    Standard rate
    0.10 % p.a.
    (for $0 and over)
    No Partner link

  • Future Saver Account - 14 to 35 years

    Maximum rate
    4.85 % p.a.
    (for $0 to $50,000)
    Transfer a minimum of $1,000 into your linked Everyday Account and make 5 eligible transactions. Bonus interest criteria waived for account holders 14-17 years of age.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    No Partner link

  • Easy Saver

    Maximum rate
    4.80 % p.a.
    (for $0 to $250,001)
    Bonus variable intro rate for the first 4 months
    Standard rate
    4.00 % p.a.
    (for $0 to $250,001)
    No Partner link

  • Growth Saver

    Maximum rate
    4.75 % p.a.
    (for $0 to $25,000)
    Minimum deposit of $200 and no withdrawals in the month
    Standard rate
    0.10 % p.a.
    (for $0 and over)
    No Partner link

  • Savings Maximiser

    Maximum rate
    4.75 % p.a.
    (for $0 to $100,000)
    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
    Standard rate
    0.01 % p.a.
    (for $0 and over)
    No Partner link

  • Reward Saver Kick Start Account - Up to 30 years old

    Maximum rate
    4.75 % p.a.
    (for $5,000 to $100,000)
    Minimum deposit of $20 and no withdrawals in the month.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    No Partner link

  • Bonus Saver

    Maximum rate
    4.75 % p.a.
    (for $0 to $100,000)
    3 month intro bonus rate of 0.40%. Minimum deposit of $100 and no withdrawals in the month.
    Standard rate
    0.00 % p.a.
    (for $0 to $0)
    No Partner link

  • PremiumSaver

    Maximum rate
    4.65 % p.a.
    (for $0 to $250,001)
    Increase balance by $200 by the end of each month
    Standard rate
    0.60 % p.a.
    (for $0 and over)
    No Partner link

  • Boss Saver

    Maximum rate
    4.65 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.20 % p.a.
    (for $0 and over)
    No Partner link

  • Savvy Saver Account

    Maximum rate
    4.65 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.20 % p.a.
    (for $0 and over)
    No Partner link

  • Hello Saver Account

    Maximum rate
    4.60 % p.a.
    (for $0 to $100,001)
    Bonus variable rate is available for the first 4 months. Intro rate only available to new Mystate Bank customers
    Standard rate
    4.25 % p.a.
    (for $0 to $100,001)
    No Partner link

  • Savings Account

    Maximum rate
    4.60 % p.a.
    (for $0 to $250,000)
    Bonus variable rate is available for the first 4 months.
    Standard rate
    4.25 % p.a.
    (for $0 to $2,000,000)
    No Partner link

  • Maxi Saver

    Maximum rate
    4.60 % p.a.
    (for $0 and over)
    Bonus rate for the first 6 months from account opening. Including a 0.45% bonus for new accounts opened online.
    Standard rate
    1.00 % p.a.
    (for $0 and over)
    No Partner link

  • Maxi Saver

    Maximum rate
    4.60 % p.a.
    (for $0 and over)
    Bonus rate for the first 6 months from account opening. Including a 0.45% bonus for new accounts opened online.
    Standard rate
    1.00 % p.a.
    (for $0 and over)
    No Partner link

  • Maxi Saver

    Maximum rate
    4.60 % p.a.
    (for $0 and over)
    Bonus rate for the first 6 months from account opening. Including a 0.45% bonus for new accounts opened online.
    Standard rate
    1.00 % p.a.
    (for $0 and over)
    No Partner link

  • Netsave Account

    Maximum rate
    4.60 % p.a.
    (for $0 and over)
    Introductory interest rate for the first 4 months after the account is opened.
    Standard rate
    0.75 % p.a.
    (for $0 and over)
    No Partner link

  • Goal Saver

    Maximum rate
    4.60 % p.a.
    (for $0 to $50,000)
    Deposit $500 by electronic transfer (excluding telegraphic transfers) into your Everyday Edge Account and make 5 card transactions per month.
    Standard rate
    0.50 % p.a.
    (for $0 and over)
    No Partner link

  • HomeME Savings Account

    Maximum rate
    4.60 % p.a.
    (for $100,000 to $1,000,001)
    Deposit $2,000 into linked SpendME account each month from an external account.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    No Partner link

  • Smart Saver Account

    Maximum rate
    4.60 % p.a.
    (for $0 to $250,001)
    Transfer a minimum of $1,000 into your linked Everyday Account and make 5 eligible transactions.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    No Partner link

  • Saver

    • Grow & Flow
    Maximum rate
    4.60 % p.a.
    (for $0 to $250,000)
    Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded). Earn the Grow Rate of 4.60% p.a. on Savers with no withdrawals for the month up to $250k, otherwise earn the Flow Rate of
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    No Partner link

  • U30 Super Charge Account

    Maximum rate
    4.50 % p.a.
    (for $0 to $10,000)
    Standard rate
    4.50 % p.a.
    (for $0 to $10,000)
    No Partner link

  • Saving Account

    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    bonus rate for 3 months
    Standard rate
    2.50 % p.a.
    (for $0 and over)
    No Partner link

  • Home Saver

    Maximum rate
    4.50 % p.a.
    (for $0 to $100,000)
    Deposit $2,000 by electronic transfer into your Everyday Edge Account and make 5 purchases with your Visa debit card each month.
    Standard rate
    0.50 % p.a.
    (for $0 and over)
    No Partner link

  • Boost Saver with Go Account - Lock Saver Feature

    Maximum rate
    4.50 % p.a.
    (for $0 to $250,000)
    Bonus rate without the Lock Saver is up to 4.20% p.a. Enable Lock Saver Feature to earn 4.50% p.a. with 32 day’s notice for withdrawal and deposit $1,000 from another financial institution into your linked Go Account and settle 5+ transactions per month.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    No Partner link

  • Smart Saver Youth Account

    • under 25
    Maximum rate
    4.50 % p.a.
    (for $0 to $50,000)
    Increase account balance by any amount and make no more than two withdrawals
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    No Partner link

  • Bonus Saver

    Maximum rate
    4.50 % p.a.
    (for $0 to $99,999)
    minimum deposit $100, no withdrawal allowed
    Standard rate
    0.01 % p.a.
    (for $0 and over)
    No Partner link

  • Save Up

    Maximum rate
    4.50 % p.a.
    (for $1 and over)
    minimum deposit $50, no withdrawals
    Standard rate
    0.00 % p.a.
    (for $0 to $1)
    No Partner link
Showing 30 results from 255 savings accounts

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