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CBA cuts savings rates by up to 0.25 per cent

CBA cuts savings rates by up to 0.25 per cent

23 Jul, 2019 - 3 min read

Australia’s largest bank, CBA, has reduced its savings rates by up to 0.25 per cent.

This means all four big banks have now cut their savings rates following the July RBA cash rate cuts.

CBA Netbank

CBA has cut the ongoing rate on its Netbank savings account by 0.15 per cent. The Netbank savings account now gives you 2.05 per cent interest for the first 5 months, then an ongoing rate of just 0.15 per cent.

	Old rate	New rate	Change
Intro rate	2.20%	2.05%	-0.15%
Ongoing rate	0.30%	0.15%	-0.15%

CBA Goalsaver

CBA has also cut the bonus rate on its Goalsaver account by up to 0.25 per cent.

Balance	Old max rate	New max rate	Change
Under $50K	1.40%	1.15%	-0.25%
$50K – $249K	1.70%	1.50%	-0.20%
$250K – $999K	2.10%	1.85%	-0.25%
$1M and over	0.01%	0.01%	Nil

Max rate applies every month you make a deposit of $200 or more and no withdrawals. Otherwise it will attract the base rate of interest of 0.01% for that month.

RateCity.com.au research director Sally Tindall said today’s cuts are another blow for savers.

“CBA has cut some of its savings accounts by just 0.15 per cent while others have been slashed by up to 0.25 percent.

“CBA cut the majority of its variable home loan rates by just 0.19 per cent so it’s disappointing to see some cuts to savings accounts have gone above this.

“Now is an excellent time to review your savings accounts and see if you are getting the most bang for buck in what is a very difficult market for savers.”

How the big bank savings accounts stack up post July cash rate cut:

Big four savings accounts – conditional rates

Bank	Product	Base rate	Max. rate	How to earn max. rate
CBA	Goalsaver	0.01%	1.15%*	Deposit $200 and no withdrawals per mth
Westpac	Life	0.60%	2.10%	Make a deposit and end with higher balance per mth
NAB	Reward Saver	0.11%	1.86%	One deposit and no withdrawals per mth
ANZ	Progress Saver	0.01%	1.95%	Deposit $10 and no withdrawals 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
CBA	NetBank Saver	0.15%	2.05%	5 months
Westpac	eSaver	0.15%	2.16%	5 months
NAB	iSaver	0.11%	2.11%	4 months
ANZ	Online Saver	0.15%	1.95%	3 months

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
MyState Bank Bonus Saver Account	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	2.35%	Deposit $250/mth and no withdrawals

Disclaimer

This article is over two years old, last updated on July 23, 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.

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This article was reviewed by Research Director Sally Tindall before it was published as part of RateCity's Fact Check process.

Laine Gordon

Money Editor

Laine Gordon is the Money Editor at RateCity and an experienced journalist and research specialist. With a background in news and feature writing, covering finance, media and even food (a passion of hers) at Reed Elsevier publications, Laine brings almost two decades of experience to the team. Having covered major areas of interest to the general public from hip pocket issues to rising and falling interest rates and the impact to mortgages, credit and saving in Australia, she is passionate about researching and telling people’s stories to help others make better decisions about their own finances.