Update 22 August: And that concludes our rolling coverage, with most major brands having changed or at least announced rate reductions - ANZ and CBA rounded out the list with quiet reductions in interest rates.
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 9am, 22 August.
NAB Savings Account Rate Cuts
On 15 August NAB made effective a raft of savings account cuts, mostly lower by 25bps.
- iSaver: Four-month intro rate down to 4.40% p.a.
- Reward Saver: Now a top rate of 4.10% p.a. provided bonus criteria is met.
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.
Commonwealth Bank Savings Account Rate Cuts
CBA has continued its tradition of not announcing savings account rate cuts ahead of time, but making the 25bps reductions effective the same day as for home loans.
- The Netbank Saver's 5-month intro rate is now 4.45% p.a. for new customers. The standard rate is now 1.55% p.a.
- The GoalSaver is now 4.25% p.a. provided you grow your balance in the month.
Other accounts were also moved downwards by 25bps. These apply from 22 August.
ANZ Savings Account Rate Cuts
Like CBA, ANZ has quietly moved down its rates same day as its mortgages, 22 August.
The Progress Saver has been lowered to 3.15% p.a. provided customers make a $10 deposit and no withdrawals in the month.
ANZ Plus Savings Account Rate Cut
Where ANZ savings accounts get a little more exciting is with ANZ Plus, the bank's app-only deal.
The savings account rate was also cut by 25bps down to 4.25% p.a. provided customers grow their balance by $100 a month.
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, coming down to 4.45% p.a. on balances up to $500,000.
Australian Unity Savings Account Rate Cuts
Australian Unity made waves a couple of years ago when it introduced the highest, unconditional rate in the market, called the Freedom Saver.
After the latest RBA cut it's 25bps lower again, but still the most competitive unconditional ongoing rate in the market at 4.35% p.a.
There are no withdrawal or deposit rules to attain the rate.
That applies to balances only up to $50,000 - 4.25% p.a. applies on balances from $50,000 to $250,000.
However at times the institution has pulled this product from the open market citing unprecedented demand.
Australian Unity also has what's called the Active Saver, which now features an interest rate 4.25% p.a. on balances up to $500,000.
This is provided savers deposit $250 a month and applies 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.
Great Southern Bank Savings Account Rate Cuts
GSB lowered savings account rates by 25bps on 15 August. The key changes are:
- The Home Saver is now 4.50% p.a. on balances up to $100k provided bonus conditions are met.
- The Goal Saver for 18-24 year olds is now 4.60% p.a. on balances up to $50k provided bonus conditions are met.
ING Savings Account Rate Cuts
From 19 August ING will reduce rates on its key deposit products: The Savings Maximiser and Savings Accelerator.
- The Savings Maximiser will come down by 20bps to 4.80% p.a. on balances up to $100k, provided bonus criteria is met. This is the first time since March 2023 this product has been below the 5% threshold.
- The Savings Accelerator intro rate will reduce by 25bps to a top rate of 4.70% p.a. for four months for balances from $150k to $500k, then an ongoing rate of 3.95% p.a.
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."
Rabobank Savings Account Rate Cuts
On 19 August Rabobank lowered its four-month introductory rate to 5.00% p.a. - a reduction of 15bps.
The ongoing rate after this is now 3.45% p.a. - a 25bps reduction.
Its Premium Saver, where customers need to grow their balance by $200 every month, is 4.65% p.a. - also a reduction of 15bps.
Should a customer forget to grow their balance of a month, a rate of 0.60% p.a. applies - a reduction of 30bps.
UBank Savings Account Rate Cuts
From 19 August, ubank's 'Everyday Bonus' rate will be 4.35% p.a. - 25bps lower - on balances up to $1 million.
From 1 October ubank is also introducing an additional criteria of growing the savings balance, on top of the $500 monthly deposit requirement.
It also continues to feature a four-month intro rate of 5% p.a. which remains so even after August's RBA rate cut.
The intro rate is available to new customers only i.e. those who have not been a ubank customer for two years.
Up Savings Account Rate Cuts
Up is staying frosty for the time being, introducing a series of changes to its savings accounts from 1 September.
The current interest rate on its savings account is 3.85% p.a. provided users make 5 settled card transactions.
However from September, it's introducing 'Grow and Flow', which essentially means a tiered, conditional approach to savings.
Customers will get a 'Grow' rate of 4.65% p.a. if they make 5 settled card transactions on the linked everyday account while making no withdrawals to their savings.
A 'Flow' rate of 1.50% p.a. will apply should one dip into their savings; they still need to make the 5 card transactions to get this.
If one fails to meet both criteria they get nothing for that month.
These rates were announced pre-RBA cut so they could move lower still.
Photo by Michelle Henderson on Unsplash
First published in August 2025
