All big banks cut savings rates by at least 0.25%

MEDIA RELEASE 16 October 2019

All four big banks and many smaller banks and other institutions have passed on the full RBA October rate cut of 0.25 percentage points to their savings account customers.

Go straight to the latest rates information from individual banks and other institutions here.

For more information on Savings account rates, data and commentary, please contact:

Jason Bryce, Media Manager on 0428 777 727 jason.bryce@infochoice.com.au

For more comments, please contact: Vadim Taube, Chief Executive on 0403 580 794

Keep up to date with the latest RBA rates outlook at InfoChoice.

* InfoChoice compares financial products from 145 banks, credit unions and other financial institutions 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.

Comparison rate is based on a secured loan of $150,000 over the term of 25 years. WARNING: These comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan

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.

All four big banks and many smaller banks and other institutions have passed on the full RBA October rate cut of 0.25 percentage points to their savings account customers.

Today, Westpac and its subsidiaries (BankSA, Bank of Melbourne and St George Bank) have joined the other three big banks, and many other institutions, in cutting rates on savings accounts and term deposits.

Westpac’s Life savings account maximum rate has been cut 0.25 per cent pa to 1.65 per cent pa.

Westpac’s eSaver account has also been cut by 0.25 per cent to 1.66 per cent pa. 

Commonwealth Bank’s GoalSaver account headline maximum rate has been slashed to just 1.25 per cent pa for balances under the government guaranteed threshold of $250,000. The GoalSaver headline rate of 1.60 per cent pa only applies to the portion of the balance over $250,000.

CBA Netbank Saver’s five-month maximum headline rate has been cut 0.35 percentage points to 1.65 per cent, reverting to a base rate of 0.1 per cent.

ANZ has cut the bonus rate on its Progress Saver account by 0.25 percentage points from 1.85 to 1.60 per cent pa with the base rate remaining at 0.01 per cent.

ANZ Online Saver’s three-month introductory rate has been cut 0.25 percentage points to 1.6 per cent pa with an ongoing base rate of 0.1 per cent pa.

NAB cut the bonus rate on its Reward Saver account by 0.25 percentage points from 1.86 to 1.61 per cent pa with the base rate set at 0.11 per cent.

NAB iSaver’s four-month introductory rate has been cut 0.25 percentage points to 1.86 per cent pa with a base rate of 0.11 per cent.

St. George, Bank of Melbourne and BankSA have cut their maximum incentive and introductory savings account rates by 0.25 percentage points to 1.80 per cent pa from today.

Other popular savings account rates have also been cut by 0.25 per cent, including the Up Saver, ING accounts, 86 400 and others.

Vadim Taube, CEO of leading Australian financial comparison site InfoChoice.com.au, said all of the big banks and many of the smaller banks and credit unions have now passed on the RBA’s October rate cut of 0.25 percentage points to their savings account rates.

“And the Commonwealth Bank’s Netbank Saver maximum introductory rate has come down 0.35 per cent this month.”

“Commonwealth Bank’s GoalSaver headline savings account rate of 1.6 per cent pa only applies for to that part of the balance over $250,000,” said Vadim Taube, CEO of InfoChoice.com.au.

The government guarantees deposits in one institution up to $250,000.

“For balances under $250,000, the highest maximum ongoing at-call savings account rate now offered by the Commonwealth Bank is 1.25 per cent pa.

“The Australian inflation rate is now 1.6 per cent so that is the absolute minimum savers should be looking for in a savings account or term deposit rate.”

Go straight to the latest rates information from individual banks and other institutions here.

For more information on Savings account rates, data and commentary, please contact:

Jason Bryce, Media Manager on 0428 777 727 jason.bryce@infochoice.com.au

For more comments, please contact: Vadim Taube, Chief Executive on 0403 580 794

Keep up to date with the latest RBA rates outlook at InfoChoice.

* InfoChoice compares financial products from 145 banks, credit unions and other financial institutions 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.

Comparison rate is based on a secured loan of $150,000 over the term of 25 years. WARNING: These comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan

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.

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