- Home
- Savings Accounts
- News
- ANZ and NAB first big banks to cut savings rates again
ANZ and NAB first big banks to cut savings rates again
ANZ and NAB have today reduced their savings rates following the Reserve Bank’s 2 July decision to cut the cash rate to 1 per cent.
NAB CUTS
Effective today, NAB has cut most savings accounts by 0.19 percent, matching the cut it made to home loan rates. This fulfils the bank’s promise not to lower its savings rates by more than its mortgage rates.
iSaver (intro rate for 4 months)
Old rates | New rates | |||
Intro rate | Ongoing rate | Intro rate | Ongoing rate | July cut |
2.30% | 0.30% | 2.11% | 0.11% | -0.19% |
Reward Saver (1 deposit, no withdrawals for max rate each mth)
Old rates | New rates | |||
Base rate | Max rate | Base rate | Max rate | July cut |
0.30% | 2.05% | 0.11% | 1.86% | -0.19% |
ANZ CUTS
ANZ has cut its Online Saver account by 0.15 per cent and its Progress Saver by 0.25 per cent following a 0.25 per cent cut for its variable home loan customers.
Online Saver (intro rate for 3 months)
Old rates | New rates | |||
Intro rate | Ongoing rate | Intro rate | Ongoing rate | July cut |
2.10% | 0.30% | 1.95% | 0.15% | -0.15% |
Progress Saver (deposit $10/mth, no withdrawals for max rate each mth)
Old rates | New rates | |||
Base rate | Max rate | Base rate | Max rate | July cut |
0.01% | 2.20% | 0.01% | 1.95% | -0.25% |
RateCity.com.au research director Sally Tindall said ANZ and NAB’s intro rate savings accounts now earned next to nothing after the honeymoon rate finishes.
“NAB is now offering an ongoing rate of 0.11 per cent on its Reward Saver account while ANZ is offering a rate of 0.15 per cent on its Online Saver account. Customers can do better than this,” she said.
“NAB and ANZ were first of the big four out of the blocks this time with cuts for savers but Australia’s two biggest banks are unlikely to be far behind. The question is not if they will cut, but when and by how much.
“Given that CBA and Westpac didn’t pass on the full cut to home loan customers, it’ll be interesting to see what they do to their savings accounts,” she said.
Some of the highest savings account rates on RateCity.com.au
Bank | Max rate | Conditions |
Endeavour Mutual Lifestyle Account | 2.75% | Deposit $400/mth. Up to age 35 |
Ubank USAver with Ultra | 2.60% | Deposit $200/mth into Ubank savings or trans account |
MyState Bonus Saver | 2.60% | Deposit $20/mth and make 5 transactions from linked account |
RAMS Saver | 2.55% | Deposit $200/mth and no withdrawals |
Australian Unity Active Saver | 2.55% | Deposit $250/mth and no withdrawals |
HOW THE BIG BANKS SAVINGS ACCOUNTS CURRENTLY STACK UP
Big four savings accounts – conditional rates
Bank | Product | Base rate | Max. rate | How to earn max. rate |
ANZ | Progress Saver | 0.01% | 1.95% | Deposit $10 and no withdrawals per mth. |
CBA | GoalSaver | 0.01% | 1.40%* | Deposit $200 and no withdrawals per mth |
NAB | Reward Saver | 0.11% | 1.86% | One deposit and no withdrawals per mth |
Westpac | Life | 0.80% | 2.10% | Make a deposit and end with higher balance per mth |
* For balances under $50K. CBA offers higher rates for higher balances.
Big four savings accounts – introductory rates
Bank | Product | Base rate | Max. rate | Introductory term |
ANZ | Online Saver | 0.15% | 1.95% | 3 months |
CBA | NetBank Saver | 0.30% | 2.20% | 5 months |
NAB | iSaver | 0.11% | 2.11% | 4 months |
Westpac | eSaver | 0.30% | 2.31% | 5 months |
Note: CBA and Westpac expected to move their savings rates following the July cash rate cut.
Disclaimer
This article is over two years old, last updated on July 12, 2019. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent savings accounts articles.
Compare savings accounts
Product database updated 28 Nov, 2024
Share this page
Get updates on the latest financial news and products
By continuing, you agree to the RateCity Privacy Policy, Terms of Use and Disclaimer.
