Big banks go easy on savers following RBA rate cut

With interest rates on savings accounts continuing to nose dive, a couple of the big 4 have decided to spare savers by not passing on the full rate cut. 

So far, Commbank is the only bank of the big 4 to have officially announced its rate cut on savings accounts.

“We have carefully considered how to respond to this latest official interest rate cut, given that it is not possible to pass on the full rate reduction to over $160 billion of our deposits, including deposits where interest rates are at or already near zero. We have made a deliberate choice to limit the interest rate reduction to 0.15% p.a. on our most popular savings account, NetBank Saver,” Commbank’s Group Executive Retail Banking Services, Angus Sullivan said.  

NAB has also addressed savings accounts and promised that it won’t pass the full cut, saying it’s a balancing act between benefiting home loan borrowers and assuring its customers who rely on income from deposits don’t lose out.

“For any changes to interest rates on savings accounts following today's RBA cash rate announcement, NAB will not decrease rates by more than 19 basis points,” NAB Chief Customer Officer Consumer Banking, Mike Baird said. 

“Decisions like these are difficult and reflect the current unique circumstances, with home loan rates at record lows at the same time as deposit and savings rates also being at record lows.” 

There has been no news from Westpac or ANZ about changes to their savings accounts interest rates yet, but cuts could come anytime soon. 

This doesn’t mean you should just sit tight and wait for cuts to happen though, there are plenty of other places to stash your cash so here are some other value savings account options.

Compare Savings Accounts

HSBC - Everyday Savings
  • 2.85% intro bonus rate (first four months)
  • 0.95% ongoing rate
  • No minimum deposit requirements
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If you’re a savvy saver, the HSBC Serious Saver could be a great place for you to stash your funds. With an intro offer of 2.85% interest for the first four months and no minimum deposit requirements for this bonus interest you could really see your savings grow, no matter how often you put money into the account. After the introductory period, the bonus rate reverts to 0.95%, well, that’s as long as you make no withdrawals. If you can’t resist putting your hands on your cash, the interest rate plunges to 0%, meaning you’ll make nothing on your savings for the month you made the withdrawal! 

AMP Bank - AMP Saver Account
  • 2019 Mozo Experts Choice Award winner
  • 2.75% p.a. introductory interest rate for 4 months
  • 1.85% p.a. ongoing interest rate
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Look no further for a great savings account, because the AMP Saver Account took home 2019 Mozo Expert Choice Awards* in both the Kick Start Savings and No Strings Savings categories. With a killer introductory 2.75% interest rate for the first 4 months and a continuing 1.85% rate thereafter, this account keeps your interest earnings nice and healthy. Additionally, there are no minimum deposit or withdrawal restrictions, so you have the flexibility to move your money around and still receive a solid rate.

Citi - Online Saver
  • Special intro rate of 2.65%
  • 2019 Mozo Experts Choice Award
  • No minimum balance required
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Citibank’s Online Saver account could be the perfect place for you to kick-start your savings. Offering a competitive introductory 2.65% with no minimum balance or deposit conditions, no wonder this savings account was a winner of a 2019 Mozo Expert Choice Awards*. While the account must be linked to a transaction account, the Citi Online Saver can be coupled with any external bank account, it doesn’t even have to be from Citibank making it even easier to sign up and get saving!

UBank - USave with USpend Transaction Account
  • 2019 Mozo Savings Bank of the Year
  • 2.60% special interest rate
  • Innovative sweep technology
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Want to be rewarded for your regular deposits? Well, the UBank USaver with Ultra Transaction Account does just that. When the accounts are combined, UBank offers a competitive 2.60% ongoing bonus rate as long as you deposit $200 into either your Ultra Transaction or USaver once a month. To help your savings stay on track and keep cash on your card, UBank’s innovative sweep technology moves money between the accounts as you spend, you don’t have to transfer anything, they’ll do it for you! It’s no surprise that UBank’s USaver with Ultra Transaction Account took out a 2019 Mozo Expert Choice Award* in the Regular Saver category and was crowned the major 2019 Mozo Savings Bank of the Year.

MyState Bank - Bonus Saver Account
  • 2.60% special interest rate
  • No minimum balance requirements
  • Low $20 monthly minimum deposit bonus interest condition

If you’re after a competitive ongoing special interest rate on your savings account for minimal effort, the Mystate Bank Bonus Saver Account could be right for you. To earn a 2.60% bonus interest rate all you need to do is deposit $20 into the account once a month and make at least 5 Visa Debit transactions using a linked Everyday or Glide transaction account offered by MyState Bank. There are no withdrawal limits, so you can dip into your savings as much as you like and still receive the bonus rate (just as long as you’ve deposited your $20). Keep in mind though, if you don’t make the minimum deposit, the interest rate reverts to a lower 0.80%.

Great Southern Bank - eSaver Flexi
  • 2.00% ongoing interest rate
  • Unlimited free transactions from phone and internet
  • No account fee
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Prefer the old set and forget method when it comes to savings? With CUA’s eSaver Flexi savings account you’ll receive a solid 2.00% ongoing rate with no conditions, you heard it no conditions at all! It could be the perfect place to dump your savings stash and simply watch it grow. While you aren’t rewarded for regular deposits with a bonus rate on the eSaver Flexi, as the name suggests the account gives savers the flexibility to deposit when they need with the added assurance they will receive a pretty good rate no matter what.

Want to compare more savings accounts? Head to our savings accounts comparison table or read our useful guides so you're equipped with all the info you need. 

*Find out more about the Mozo Experts Choice Awards

^See information about the Mozo Experts Choice Savings Account Awards

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