Which banks have cut rates on savings accounts?

Since the RBA cut official interest rates last Tuesday, mortgage rates have been dropping like flies. So far, 34 providers have made reductions to their range of variable rate home loans, with 21 passing on the full 0.25% cut.

Of course, the flipside to all this is that rates for deposits are also set to drop. When banks make reductions to mortgage rates, cuts to savings accounts and term deposits usually follow as pressure to preserve profit margins mounts.

CommBank and NAB the first of the Big 4 to cut savings account rates

Following the RBA decision, the market has reacted by quietly taking the knife to savings accounts. Since last Tuesday, we’ve seen 19 providers make reductions to their at-call deposit rates.

Among the big banks, Commonwealth Bank and NAB were the first to make cuts. Just one week after announcing they would be slashing variable home loan rates by 0.25%, it looks like both will also be applying reductions to their range of deposits.

Interest rates for CommBank’s NetBank Saver now sit at 0.30% p.a., following a 0.20% reduction, while introductory rates dropped 0.31% down to 2.20% p.a. Meanwhile, the CommBank Goal Saver account saw cuts of between 0.20% and 0.30% across its three tiers.

NAB, on the other hand, made cuts of 0.25% to its Cash Manager account, leaving it at 0.75% p.a. As for its Reward Saver and iSaver accounts, both saw cuts of between 0.20% and 0.25% across both standard and special rates.

Savings rate cuts

ProviderBiggest cutProductNew rate
AMP-0.25%Bett3r Account1.25% p.a.
Auswide Bank-0.25%Online Saver1.45% p.a.
Bank of Queensland-0.25%Fast Track Saver Account2.75% p.a.
BankVic-0.15%Easyinvest1.40% p.a.
The Capricornian-0.25%Everyday Saver0.45% p.a.
Citi-0.25%Ultimate Saver1.40% p.a.
Coastline Credit Union-0.25%eXtreme Saver1.55% p.a.
Commonwealth Bank-0.31%NetBank Saver2.20% p.a.
Defence Bank-0.25%iSaver0.50% p.a.
Greater Bank-0.25%Bonus Saver1.75% p.a.
Hunter United-0.20%XLR8 Savings Account1.80% p.a.
Macquarie-0.25%Cash Management Account1.05% p.a.
Macquarie Credit Union-0.25%Online Savings Account1.40% p.a.
ME-0.25%Online Savings Account1.05% p.a.
NAB-0.25%Cash Manager0.75% p.a.
nabtrade-0.25%High Interest Account1.25% p.a.
P&N Bank-0.25%Hi Saver1.00% p.a.
RACQ Bank-0.25%eSave Account1.40% p.a.
Suncorp-0.30%Growth Saver Account2.30% p.a.

Dedicated savers might be looking at those numbers and worrying. Thankfully, there are still some savings accounts out there that offer rates in the high 2% range. For a look at what’s available, check out our savings account comparison page, or take a look at some quality options below.

Savings account comparisons on Mozo - last updated 25 May 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

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  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

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  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

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  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend, Bills or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

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  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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^See information about the Mozo Experts Choice Savings Account Awards

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