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CBA savings rates changes a reminder to give your savings a health check
CBA savings rates changes a reminder to give your savings a health check
Australia’s biggest bank, CBA, has cut the bonus rates on its Goal Saver account today by up to 0.35 per cent while increasing the base rate on this account by 0.09 per cent.
CBA Goal Saver account
| Balance | Before | Now | Difference | |
| Under $50K | Max Rate | 0.65% | 0.50% | -0.15% |
| Base rate | 0.01% | 0.10% | +0.09% | |
| $50K-$249K | Max Rate | 1.00% | 1.00% | 0.00% |
| Base rate | 0.01% | 0.10% | +0.09% | |
| $250K - $999K | Max Rate | 1.35% | 1.00% | -0.35% |
| Base rate | 0.01% | 0.10% | +0.09% | |
| +1M | Max Rate | - | - | - |
| Base rate | 0.01% | 0.10% | +0.09% |
Conditions for max rate: deposit $200+ and no withdrawals per mth.
This follows on from cuts to the introductory rate of the bank’s NetBank Saver account of 0.25 per cent last Thursday (26 March).
CBA NetBank saver
| Before | From 26 March | Difference | |
| Intro Rate (5 mths) | 1.30% | 1.05% | -0.25% |
| Ongoing rate | 0.05% | 0.05% | 0.00% |
Analysis from RateCity.com.au shows that 55 banks have cut rates since the last emergency cash rate cut on March 19, including ING, Suncorp and BankWest.
RateCity.com.au research director Sally Tindall said today’s changes from the nation’s biggest bank serve as a timely reminder for people to give their savings account a health check.
“If you’ve got savings in the bank, make sure you’re getting the most out of them. Check what rate you’re getting, but also what the competition is offering,” she said.
“Some savings rates might be at record lows, but it’s still worth shopping around to make sure the money you do have saved in the bank is working as hard as it can be.
“Right now, there are still ongoing rates of up to 2 per cent and introductory rates of up to 2.65 per cent. Proactive savers might be able to boost their savings if they give their accounts a regular health check,” she said.
Big four bank standard savings accounts
| Bank | Product | Intro rate | Ongoing rate | Intro term |
| CBA | NetBank Saver | 1.05% | 0.05% | 5 mths |
| Westpac | eSaver | 1.30% | 0.05% | 5 mths |
| NAB | iSaver | 1.30% | 0.05% | 4 mths |
| ANZ | Online Saver | 1.20% | 0.05% | 3 mths |
Highest standard savings account rates on RateCity.com.au
| Bank | Account | Intro rate | Intro term | Ongoing Rate | Notes |
| AMP | Saver Account | 2.65% | 6 months | 1.05% | On balances up to $500k |
| Macquarie Bank | Savings Account | 2.65% | 4 months | 1.35% | On balances up to $250k |
| Rabobank | High Interest Savings Account | 2.25% | 4 months | 0.80% | On balances up to $250k |
Source: RateCity.com.au Rates accurate as of 03.04.2020
Big four bank conditional savings accounts
| Bank | Product | Base Rate | Max Rate | Conditions |
| CBA | Goal Saver | 0.10% | 0.50% | Mthly deposit of $200+, no withdrawals |
| Westpac | Life | 0.40% | 1.30% | Account balance must increase each mth |
| NAB | Reward Saver | 0.05% | 1.25% | Monthly deposit, no withdrawals |
| ANZ | Progress Saver | 0.01% | 1.25% | Deposit $10+ per mth, no withdrawals |
Note: Rates based on balances less than $50,000. CBA offers higher rates for larger deposits.
Highest conditional savings account rates on RateCity.com.au
| Bank | Max rate | Base rate | Conditions for max rate |
| BOQ | 2.00% | 0.20% | Deposit $1K + 5 trans into linked account per mth |
| MyState Bank | 2.00% | 0.30% | Deposit $20+ per mth and 5 purchases from linked trans account |
| Up | 2.00% | 0.25% | 5+ purchases per mth from linked trans account |
| 86 400 | 2.00% | 0.40% | Deposit $1,000+ per mth |
Source: RateCity.com.au. Rates accurate as of 03.04.2020
Disclaimer
This article is over two years old, last updated on April 3, 2020. 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 28 Nov, 2024
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