As usual it's been a bit quieter on the savings account front, with Westpac being the only notable bank to announce deposit rate cuts on the day of the RBA announcement.
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.
Read what happened to savings accounts after the RBA's decision in February.
Page last updated 12pm, 30 May 2025.
Commonwealth Bank Savings Account Rate Cuts
CBA quietly moved down its savings account rates on 30 May - the same date as its home loan rate cuts were made effective. This follows the pattern from February's RBA announcement.
- The NetBank Saver 5-month intro rate is now 4.65% p.a. reverting to 1.90% p.a. thereafter.
- The GoalSaver is now up to 4.45% p.a. when savers grow their balance every month.
Westpac Savings Account Rate Cuts
Westpac will cut savings account rates by 25bps effective 30 May.
- Life Account will be cut to 4.50% p.a. provided bonus criteria is met, with the standard rate staying at 0.40% p.a.
- eSaver will drop to 4.50% p.a. with the cut applying to the bonus.
Notably, the Spend&Save account for under-30s remains unchanged. However, there is a quarter of a per cent (0.25%) more interest in the bonus rate, making it all the more important to satisfy the monthly bonus criteria. The total rate stays at 5% p.a.
St George, BankSA, and Bank of Melbourne
Incentive Saver and Maxi Saver rates will be lowered by 25bps effective 30 May.
The Incentive Saver total rate will be 4.75% p.a. provided bonus criteria is met on balances up to $250k; it's 4.60% p.a. for balances over $250k, which applies to the total balance, not just the proportion over.
The Maxi Saver will be 4.65% p.a. which is a 3-month intro product.
NAB Savings Account Rate Cuts
NAB has moved its savings rates down by 25 basis points in the wake of the decision.
- iSaver is down to a maximum 4.65% p.a. which is a four-month intro rate.
- Reward Saver is down to a maximum 4.40% p.a. if customers make one deposit and no withdrawals in the month.
Ex-Citi customers
Citi savings account customers who migrated to NAB with the takeover will see their savings account rate reduced by 25bps to 5.00% p.a.
To get the rate customers must make one deposit per month and no withdrawals.
ANZ Savings Account Rate Cuts
ANZ Plus Savings Account Rate Cut
The app-based ANZ Plus product will see its rate lowered by 25bps to 4.50% p.a. from 30 May - the same time as ANZ's home loan rate changes.
This is provided bonus criteria is met, and the cut applies to the standard rate, making it more important to fulfill the bonus criteria, which is to grow the balance by $100 or more per month.
AMP Savings Account Rate Cuts
AMP will reduce its deposit rates by 25 basis points to 4.70% p.a. effective 23 May.
The flagship Saver product will be 4.70% p.a. provided customers grow their balance by $250 every month, applicable on balances up to $500,000.
Bank of Queensland (BOQ) Savings Account Rate Cuts
ME Bank Savings Account Rate Cuts
ME Bank cut its app-only HomeME savings account rate by 15 basis points on 30 May, now with a total rate of 4.85% p.a.
This is provided customers deposit $2,000 a month into their linked transaction account.
Virgin Money Savings Account Rate Cuts
Virgin Money announced that effective 2 July, the Boost Saver will be cut by 25 basis points to 4.45% p.a. when savers deposit $1,000 a month into their linked transaction account and make 5 settled card transactions.
A 0.30% bonus is also available, taking the rate to 4.75% p.a. total, if customers enable the Lock Saver feature, where they need to provide the bank 32 days' notice to withdraw the funds.
This applies on balances up to $250,000.
ING Savings Account Rate Cuts
With the highest ongoing rate in the market, ING customers were waiting with bated breath to see what would happen to their Savings Maximiser rate. Well on 30 May it finally happened.
ING cut its Savings Maximiser total rate by 40 basis points down to 5.00% p.a. effective 2 June.
This consists of a 0.05% base rate and 4.95% bonus rate. This makes it important to fulfill the monthly bonus criteria: Deposit $1,000 a month; make 5 settled card transactions on the linked transaction account; and grow the balance.
This applies on a maximum balance of $100,000.
While the 40bps cut sounds like a lot, ING cut this product's rate by only 10bps after February's decision, making the total round of cuts in-line with other banks.
Elsewhere, the Savings Accelerator rate was cut by 25 basis points to a maximum rate of 4.90% p.a.
This is a four-month intro rate on balances from $150,000 to $500,000. A lower rate applies thereafter.
The ongoing maximum rate on this one is 4.20% p.a.
Rabobank Savings Account Rate Cuts
In typical fashion of late, Rabobank has quietly moved its introductory savings account rate downwards, now 5.15% p.a. for four months.
This applies on balances up to $250,000, and reverts to 3.70% p.a. thereafter.
The ongoing Premium Saver has also been reduced to 4.80% p.a. provided bonus criteria is met.
This represents an outsized 30 basis point cut to each topline rate.
These cuts were announced and made effective on 23 May.
Up Bank Savings Account Rate Cuts
Up Bank will take 25bps off its Up Savers and Essential Savers accounts, taking them to 3.85% p.a. This was announced on 21 May and takes effect 1 June.
Great Southern Bank Savings Account Rate Cuts
GSB is reducing its savings rates by 25 basis points, announced and effective 22 May.
The flagship Home Saver rate is now 4.75% p.a. on balances up to $100,000 provided customers deposit $2,000 a month and make 5 eligible card transactions on the linked everyday account.
Macquarie Bank Savings Account Rate Cuts
Macquarie has reduced the rate on its only savings account by 25bps, effective 23 May.
The four-month intro rate for new customers is now 4.85% p.a. on balances up to $250,000.
The ongoing rate is now 4.50% p.a. on balances up to $1 million.
UBank Savings Account Rate Cuts
UBank has reduced its savings account rate by 25 basis points to 4.85% p.a. on balances between $0 and $100,000.
After, a 4.40% p.a. rate applies up to $250,000.
On a $250,000 balance, for example, this is an effective rate of 4.58% p.a.
This is provided savers meet the bonus criteria, which is to deposit $500 every month.
These changes take effect 27 May.
Photo by Michelle Henderson on Unsplash
