NAB the latest bank to cut savings account rates

Australia’s third largest bank, NAB, has today cut savings rates by 0.05 per cent.

This is the third time NAB has cut savings rates this year, despite no move from the RBA since November 2020.

It follows similar cuts to savings rates from CBA (20 October), ANZ (8 October) and Westpac (17 September).

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RateCity.com.au analysis shows:

• 42 banks have cut at least one savings rate in the last two months including CBA, Westpac, ANZ and now NAB.
• 0.30% is the average ongoing savings rate for adults.
• 1.35% is the highest ongoing rate for all adults.
• 12 banks still have an ongoing savings rate of 1 per cent or more.

RateCity.com.au research director, Sally Tindall, said: “These cuts from NAB were entirely expected.”

“In the last month, all four big banks have now trimmed savings rates to relieve pressure on their profit margins,” she said.

“The fact they’re moving in unison is little comfort for their customers, who will be rightly miffed as to why their savings rates keep falling.

“Savers would do well to shop around. Banks such as ING and Virgin Money are still offering ongoing interest rates that are four or more times higher,” she said.

Big four bank: conditional savings rates

Source: RateCity.com.au. Conditions apply for max rate.

Big four banks standard savers

Source: RateCity.com.au Intro rate terms - CBA & Westpac 5 months, NAB 4 months, ANZ 3 months.

Highest ongoing savings accounts (no age restrictions)

Source: RateCity.com.au $25k balance. Conditions apply for max interest rate.

Young Adults: highest ongoing savings rates

Source: RateCity.com.au Conditions apply for max interest rate.

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