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
| Provider | Biggest cut | Product | New rate |
|---|---|---|---|
| AMP | -0.25% | Bett3r Account | 1.25% p.a. |
| Auswide Bank | -0.25% | Online Saver | 1.45% p.a. |
| Bank of Queensland | -0.25% | Fast Track Saver Account | 2.75% p.a. |
| BankVic | -0.15% | Easyinvest | 1.40% p.a. |
| The Capricornian | -0.25% | Everyday Saver | 0.45% p.a. |
| Citi | -0.25% | Ultimate Saver | 1.40% p.a. |
| Coastline Credit Union | -0.25% | eXtreme Saver | 1.55% p.a. |
| Commonwealth Bank | -0.31% | NetBank Saver | 2.20% p.a. |
| Defence Bank | -0.25% | iSaver | 0.50% p.a. |
| Greater Bank | -0.25% | Bonus Saver | 1.75% p.a. |
| Hunter United | -0.20% | XLR8 Savings Account | 1.80% p.a. |
| Macquarie | -0.25% | Cash Management Account | 1.05% p.a. |
| Macquarie Credit Union | -0.25% | Online Savings Account | 1.40% p.a. |
| ME | -0.25% | Online Savings Account | 1.05% p.a. |
| NAB | -0.25% | Cash Manager | 0.75% p.a. |
| nabtrade | -0.25% | High Interest Account | 1.25% p.a. |
| P&N Bank | -0.25% | Hi Saver | 1.00% p.a. |
| RACQ Bank | -0.25% | eSave Account | 1.40% p.a. |
| Suncorp | -0.30% | Growth Saver Account | 2.30% 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
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Mozo experts choice awards won:
- Regular Saver - 2021
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 $250,000Bonus 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.
CompareCompareBonus Saver Account
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.
- Maximum rate
- 1.10% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- 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.
- Access
- BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Bonus Saver Account
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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 $250,000Intro 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
CompareCompareBoost Saver with Go Account
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
- Maximum rate
- 1.50% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. Bonus interest only applies when you deposit $2,000 into your Go Account and make 5 debit card purchases, direct debit or BPAY payments in the previous month. If you are between 18 and 25 you need to deposit $1,000 and fulfil the other criteria.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and savings account only accessible through iOS or Android app. Bonus introductory interest rate of 1.50% available for accounts opened by 30 Nov 2021.
Read our Mozo Review to learn more about the Boost Saver with Go Account
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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 $250,000Bonus rate for the first 4 months from account opening
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
CompareCompareOnline Saver
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
- Maximum rate
- 1.10% p.a. (for $0 to $500,000)
- standard interest rate
- 0.35% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account.
Read our Mozo Review to learn more about the Online Saver
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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 $250,000Make 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.
CompareCompareGrow Saver
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.
- Maximum rate
- 0.65% p.a. (for $0 and over)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Savings account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Grow Saver
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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 $250,000For 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.
CompareCompareSavings Maximiser
No ING fees. Great variable rate every month when you grow your balance each month in addition to other eligibility criteria.
- Maximum rate
- 1.35% p.a. (for $0 to $100,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- 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 higher at the end of the month (excluding interest) than it was at the end of the previous month.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the Savings Maximiser
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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 $250,000Bonus 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.
CompareCompareHigh Interest Savings Account
Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.
- Maximum rate
- 1.35% p.a. (for $0 to $250,001)
- standard interest rate
- 0.25% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the High Interest Savings Account
^See information about the Mozo Experts Choice Savings Account Awards
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