ANZ and NAB first big banks to cut savings rates again



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ANZ and NAB have today reduced their savings rates following the Reserve Bank’s 2 July decision to cut the cash rate to 1 per cent. 

NAB CUTS

Effective today, NAB has cut most savings accounts by 0.19 percent, matching the cut it made to home loan rates. This fulfils the bank’s promise not to lower its savings rates by more than its mortgage rates.

iSaver (intro rate for 4 months)

Old rates

New rates

Intro rate

Ongoing rate

Intro rate

Ongoing rate

July cut

2.30%

0.30%

2.11%

0.11%

-0.19%

 Reward Saver (1 deposit, no withdrawals for max rate each mth)

Old rates

New rates

 

Base rate

Max rate

Base rate

Max rate

July cut

0.30%

2.05%

0.11%

1.86%

-0.19%

 ANZ CUTS

ANZ has cut its Online Saver account by 0.15 per cent and its Progress Saver by 0.25 per cent following a 0.25 per cent cut for its variable home loan customers. 

Online Saver (intro rate for 3 months)

Old rates

New rates

Intro rate

Ongoing rate

Intro rate

Ongoing rate

July cut

2.10%

0.30%

1.95%

0.15%

-0.15%

Progress Saver (deposit $10/mth, no withdrawals for max rate each mth)

Old rates

New rates

 

Base rate

Max rate

Base rate

Max rate

July cut

0.01%

2.20%

0.01%

1.95%

-0.25%

RateCity.com.au research director Sally Tindall said ANZ and NAB’s intro rate savings accounts now earned next to nothing after the honeymoon rate finishes.

“NAB is now offering an ongoing rate of 0.11 per cent on its Reward Saver account while ANZ is offering a rate of 0.15 per cent on its Online Saver account. Customers can do better than this,” she said.

“NAB and ANZ were first of the big four out of the blocks this time with cuts for savers but Australia’s two biggest banks are unlikely to be far behind. The question is not if they will cut, but when and by how much.

“Given that CBA and Westpac didn’t pass on the full cut to home loan customers, it’ll be interesting to see what they do to their savings accounts,” she said.

Some of the highest savings account rates on RateCity.com.au

Bank

Max rate

Conditions

Endeavour Mutual Lifestyle Account

2.75%

Deposit $400/mth. Up to age 35

Ubank USAver with Ultra

2.60%

Deposit $200/mth into Ubank savings or trans account

MyState Bonus Saver

2.60%

Deposit $20/mth and make 5 transactions from linked account

RAMS Saver

2.55%

Deposit $200/mth and no withdrawals

Australian Unity Active Saver

2.55%

Deposit $250/mth and no withdrawals

 HOW THE BIG BANKS SAVINGS ACCOUNTS CURRENTLY STACK UP

Big four savings accounts – conditional rates

Bank

Product

Base rate

Max. rate

How to earn max. rate

ANZ

Progress Saver

0.01%

1.95%

Deposit $10 and no withdrawals per mth.

CBA

GoalSaver

0.01%

1.40%*

Deposit $200 and no withdrawals per mth

NAB

Reward Saver

0.11%

1.86%

One deposit and no withdrawals per mth

Westpac

Life

0.80%

2.10%

Make a deposit and end with higher balance per mth

* For balances under $50K. CBA offers higher rates for higher balances.

Big four savings accounts – introductory rates

Bank

Product

Base rate

Max. rate

Introductory term

ANZ

Online Saver

0.15%

1.95%

3 months

CBA

NetBank Saver

0.30%

2.20%

5 months

NAB

iSaver

0.11%

2.11%

4 months

Westpac

eSaver

0.30%

2.31%

5 months

Note: CBA and Westpac expected to move their savings rates following the July cash rate cut. 

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