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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
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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Product database updated 19 Nov, 2024
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