Best Savings accounts rate update
BREAKING: NAB cuts savings rates by 0.25% pa
Effective immediately, National Australia Bank has today announced 0.25% pa cuts to all at-call saving accounts rates.
NAB follows ANZ and Commonwealth Bank in cutting savings rates following the RBA’s rate cut last week.
The iSaver savings account maximum bonus rate (for first four months) has been cut from 1.55% pa to 1.30% pa.
NAB’s Reward Saver maximum bonus rate has come down from 1.50% pa to 1.25% pa. To get the maximum bonus rate, savers need to make at least one deposit and no withdrawals per month.
NAB’s Classic Banking transaction account has a rate of 0.01% pa and no monthly fees.
Go direct to NAB interest rates and fees information at InfoChoice.
NAB’s new savings rates across all products and deposit amount tiers are in the table below:
New NAB savings rates from 13 Mar. 20 (InfoChoice)
Savings accounts with rates above inflation
The current inflation rate in Australia is 1.8% according to the ABS (and RBA). Many savings accounts are now paying maximum bonus rates well under 1.8%. here are some accounts now listed on InfoChoice that are beating inflation and are easy to apply for online:
Compare savings account rates at InfoChoice.
12 March 2020: CUA slashes savings account rates
Australia’s largest credit union, CUA, has slashed savings account rates by up to 0.30% pa following the RBA’s 0.25 percentage point rate cut last week. CUA has also cut term deposit rates by up to 0.25% pa.
CUA’s eSaver Reward maximum bonus rate has been cut 0.30% from 2.0% pa to 1.70% pa.
CUA’s eSaver Flexi rate has been cut 0.30% from 1.30% pa to 1.0% pa.
CUA’s highest term deposit rate is now 1.50% pa on 12-month terms or 1.60% pa with CUA’s platinum bonus.
Judo Bank cuts term deposit rates
Judo Bank has cut interest rates on long-term deposits.
Judo Bank has cut 5-year term deposit rates by 0.20 percentage points from 2.35% pa to 2.15% pa.
Four-year Judo Bank term deposits have come down by 0.15% from 2.25% pa to 2.10% pa.
Three-year TDs have come down 0.10% and two-year term deposit rates are down 0.05% to 2.0% pa.
Go direct to Judo Bank term deposit rate information at InfoChoice.
Top ten savings account rates 12 March 2020
The ten highest at-call savings account rates now available on InfoChoice are all two per cent pa or above.
Rabobank is currently paying 2.25% pa for four months on its High Interest Savings Account.
Citi’s Online Saver has a maximum bonus rate of 2.05% pa for the first four months.
HSBC’s Serious Saver has a 2.35% pa introductory rate for four months.
The table below contains the top ten savings account rates in Australia now listed on InfoChoice.
InfoChoice’s top ten at-call savings account rates (11 March 2020) for balances under $1,000
Update: 11 March 2020: Commonwealth Bank NetBank Saver rate slashed by 0.35% pa
Commonwealth Bank has slashed the rate on its NetBank Saver account, following a Reserve Bank of Australia rate cut last week. Commonwealth Bank announced cuts to GoalSaver and YouthSaver account rates yesterday.
The new ongoing base rate for a Commonwealth Bank NetBank Saver account is now 0.05% pa, down from 0.10% pa. The new NetBank Saver introductory rate for five months is now 1.25% pa, down from 1.55% pa. The total rate cut is 0.35 percentage points.
NetBank Saver interest rate cuts, 11 March 2020:
Commonwealth Bank has also cut GoalSaver, YouthSaver and term deposit rates. Go direct to Commonwealth Bank savings account interest rates information at InfoChoice.
ANZ Bank cuts term deposit rates
ANZ Bank has cut term deposit rates on most term lengths by 0.25 percentage points, following the RBA’s 0.25% rate cut last week. ANZ Bank has NOT cut its leading TD rate of 1.60% pa for 8 month Advance Notice TDs.
ANZ Bank’s new term deposit rates (effective 11 March 2020) are in this table below:
10 March 2020:
Commonwealth Bank cuts 0.25% from savings accounts and term deposits, effective immediately.
Commonwealth Bank has cut the maximum bonus rate on Australia’s most popular savings account, the Commbank GoalSaver account by 0.25% pa, effective 9 March 2020. Commbank has also cut the maximum bonus rate on the popular YouthSaver account by 0.25% pa, effective from Monday 9 March 2020.
“The new maximum rate on GoalSaver for balances under $50,000 is 0.64% pa,” said Vadim Taube, chief executive of InfoChoice.com.au, Australia’s leading financial comparison service since 1993.
“You only get that rate if you deposit $200 per month and make no withdrawals, otherwise you get the base rate of 0.01% pa.
“The current rate of inflation is 1.80% pa, so if you are making less than that, your money is effectively losing value over time,” said Vadim Taube.
“There are plenty of savings accounts now paying over 1.80% pa.”
Commonwealth Bank has also sliced term deposit rates. The top CBA term deposit rate is now 1.20% pa for 6-month terms.
New Commonwealth Bank savings account rates
Commonwealth Bank Goalsaver interest rates 10 March 2020, InfoChoice.
Commonwealth Bank Youthsaver interest rates 10 March 2020, InfoChoice.
Go direct to Commonwealth Bank interest rate and fees information at InfoChoice.
10 March 2020: ING cuts Savings Accelerator rates
ING has announced savings rate cuts in the wake of the RBA’s 0.25 percentage point cut last Tuesday.
The maximum rate on balances under $50K in an ING Savings Accelerator account remains unchanged at 0.25% pa.
For balances over $150K, the standard variable rate for Savings Accelerator will change to 1.25% p.a. (previously 1.50% pa). The standard variable rate for Savings Accelerator $50k<$150k will change to 0.75% p.a. (previously 1.00%).
ING has also cut Business Optimiser savings account interest rates. The Welcome (intro) rate for new and existing customers will change to: 1.50% p.a. (previously 1.75% pa). The standard variable rate for new and existing customers will change to 0.50% p.a. (previously 0.75% pa) and the additional variable rate for new and existing customers will remain unchanged at 1.00% p.a.
Go direct to ING savings account interest rate and rules information at InfoChoice.
9 March 2020: UBank cuts USaver Reach and Ultra bonus rates
UBank has matched the RBA’s cut and sliced 0.25% pa off USaver Reach and USaver with Ultra Bonus account rates. The new maximum bonus rate on a USaver with Ultra bonus is 1.85% cent pa.
9 March 2020: UBank cuts term deposit rates
UBank has also cut term deposit rates, effective 9 March 2020. UBank has cut 0.10% pa from almost all term deposit rates.
UBank’s new top TD rate is 1.60% pa on 3 and 4-month term deposits. Go direct to UBank savings account interest rate and rules information at InfoChoice.
6 March 2020: Judo Bank cuts term deposit rates
Term deposit market leader Judo Bank sliced 0.05 percentage points from their 12-month rate from 2.0 per cent pa to 1.95 per cent pa.
These Judo Bank term deposit rates are effective 4 March 2020:
Go directly to Judo Bank term deposit interest rate information at InfoChoice.
Savers with cash in the bank need to act FAST to lock in rates above inflation said Vadim Taube.
“The leading at-call savings account rates are now over 2.0% pa and the top term deposit rates are 2.35% pa.”
How to compare savings account interest rates
Savings accounts usually quote a base rate and a maximum bonus rate. The base rate is payable from day one on all your dollars in the account. The maximum bonus rate may apply for an introductory period or be dependent upon you meeting certain rules.
The best savings account rates are available on accounts that suit your way of saving and spending money. If you can’t meet the rules of your saving account, find another account that suits you.
The best savings accounts in Australia now have easy rules for savers and good interest rates over the inflation rate. Use these links to check your savings account rate and compare it with other accounts in the market today:
Go direct to Commonwealth Bank interest rates and fees information at InfoChoice.
Direct to Westpac Bank interest rates and fees information at InfoChoice.
Direct to ANZ Bank interest rates and fees information at InfoChoice.
Direct to NAB interest rates and fees information at InfoChoice.
Go straight to the latest rates information from individual banks and other institutions here.
InfoChoice compares financial products from 145 banks, credit unions, authorised deposit-taking institutions, non-bank lenders and other financial product providers in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible.
InfoChoice is a leading Australian comparison website for retail banking and personal finance products. We’ve been helping Aussies find great offers on credit cards, home loans, savings accounts, term deposits, personal loans and car loans for over 25 years. Our mission is to help consumers make an informed purchasing by bringing together the most comprehensive list of financial products on the market today.
At InfoChoice, we strive to be:
• Comprehensive. We compare more than 3500 individual products from 145 providers within Australia to offer you the best value.
• Informative. We know how important it is for you to crunch the numbers before buying. Our calculators help you understand the cost of different products over the long term and show you the potential savings.