As is becoming the norm following RBA rate cuts, it's been quieter on the savings account front than for home loans - but in the end it doesn't matter if the effective dates are the same or sooner for savings accounts.
Many banks are also opting to delay announcing cuts to savings rates, perhaps in a bid to wait until the heat dies down. Many others are also cutting savings rates far sooner than home loan rates, with the interest margins potentially netting millions for the larger players.
Most of the cuts will likely apply to the standard variable rate, making it all the more important to meet the bonus interest criteria - an advent that irks the ACCC, given it found upwards of 70% of savers don't meet their monthly bonus criteria.
What we do know is that with this cut we can likely kiss goodbye to savings rates of 5% p.a. or better.
- Read what happened to savings accounts after the RBA's decision in May.
- Read what happened to savings accounts after the RBA's decision in February.
Page last updated 5pm, 13 August 2025.
Macquarie Bank Savings Account Rate Cuts
Macquarie will lower its deposit rates by 25bps effective 15 August, same date as its home loan rates.
This means its ongoing rate will be 4.25% p.a. while its transaction account rate will be 2.00% p.a.
"Some banks are earning millions per day at the expense of their customers by quickly and quietly reducing their savings rates several days before dropping their home loan rates," head of personal banking Ben Perham said.
"We match the date for changing our consumer deposit rates and home loan rates, and that’s been our approach for years."
Westpac Savings Account Rate Cuts
Westpac was the first of the majors to announce cuts to savings products. From 22 August, Westpac will:
- Westpac Life total variable rate with bonus interest will decrease by 0.25% p.a. to 4.25% p.a. provided bonus criteria is met
- Westpac eSaver total variable rate with a five-month introductory rate will decrease by 0.25% p.a. to 4.25% p.a. for new customers applying online
St George, BankSA, and Bank of Melbourne
The three WBC subsidiary amigos will reduce savings account rates on 22 August by 25 basis points.
This means the Incentive Saver will have a 4.40% p.a. interest rate on balances up to $250k provided bonus criteria is met.
The Maxi Saver - a three-month intro rate - will also have a 4.40% p.a. rate provided customers sign up online.
AMP Savings Account Rate Cuts
AMP's new app-only 'Go' savings product will see a 25 basis point reduction from 15 August, a full week before home loan rate cuts take effect.
The top rate will be 4.25% p.a. on balances up to $250,000.
The rate has no deposit or withdrawal conditions.
A similar fate will apply to its conditional Saver account, currently sporting a top rate of 4.70% p.a. - soon to be 4.45% p.a. - on balances up to $500,000.
Bank of Queensland (BOQ) Savings Account Rate Cuts
From Friday 15 August BOQ will reduce rates by 25bps across a raft of savings products. This is a full two weeks sooner than for home loans.
Ostensibly this means its Future Saver for under-35s is coming down to 4.85% p.a. on balances up to $50k provided bonus criteria is met.
For 36-and-overs the Smart Saver will go down to 4.50% p.a. provided bonus criteria is met.
The four-month intro rate, called the Simple Saver, will also go down to 4.40% p.a.
ME Bank Savings Account Rate Cuts
ME Bank will make 25bps rate cuts effective on 15 August, a full 15 days before home loan customers.
Its flagship 'Home ME' app-only product will become 4.60% p.a. provided bonus criteria is met.
Virgin Money Savings Account Rate Cuts
Virgin Money will do much the same as its parent BOQ, shaving savings rates by 25bps.
Its Boost Saver will become 4.20% p.a. provided bonus criteria is met.
Its 32-day rate lock feature will bring that up to 4.50% p.a. if savers lock all or a portion of their savings away before providing 32 days' notice to withdraw.
Commonwealth Bank Savings Account Rate Cuts - pending
NAB Savings Account Rate Cuts - pending
ANZ Savings Account Rate Cuts - pending
ANZ Plus Savings Account Rate Cut
ING Savings Account Rate Cuts - pending
Rabobank Savings Account Rate Cuts - pending
Up Bank Savings Account Rate Cuts - pending
Great Southern Bank Savings Account Rate Cuts - pending
UBank Savings Account Rate Cuts - pending
Photo by Michelle Henderson on Unsplash
