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 18 September 2021

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Bonus Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

    Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

    Details
  • Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.50% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a savings account bundled with a spending account. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

    Details
  • Online Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $500,000)
    0.35% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.

    Details
  • Grow Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

    Details
  • Savings Maximiser
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $100,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    For customers who have an Orange Everyday and in each month deposit at least $1,000 into a personal ING account, make at least 5 settled card purchases using the linked ING debit card and grow the account balance.

    No ING fees. Great variable rate every month when you grow your balance each month in addition to other eligibility criteria.

    Details
  • High Interest Savings Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,001)
    0.25% p.a.(for $0 to $250,001)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.

    Details

^See information about the Mozo Experts Choice Savings Account Awards

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