CBA cuts savings rates by up to 0.25 per cent



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Australia’s largest bank, CBA, has reduced its savings rates by up to 0.25 per cent. 

This means all four big banks have now cut their savings rates following the July RBA cash rate cuts. 

CBA Netbank 

CBA has cut the ongoing rate on its Netbank savings account by 0.15 per cent. The Netbank savings account now gives you 2.05 per cent interest for the first 5 months, then an ongoing rate of just 0.15 per cent. 

 

Old rate

New rate

Change

Intro rate

2.20%

2.05%

-0.15%

Ongoing rate

0.30%

0.15%

-0.15%

CBA Goalsaver 

CBA has also cut the bonus rate on its Goalsaver account by up to 0.25 per cent. 

Balance

Old max rate

New max rate

Change

Under $50K

1.40%

1.15%

-0.25%

$50K – $249K

1.70%

1.50%

-0.20%

$250K – $999K

2.10%

1.85%

-0.25%

$1M and over

0.01%

0.01%

Nil

Max rate applies every month you make a deposit of $200 or more and no withdrawals. Otherwise it will attract the base rate of interest of 0.01% for that month. 

RateCity.com.au research director Sally Tindall said today’s cuts are another blow for savers. 

“CBA has cut some of its savings accounts by just 0.15 per cent while others have been slashed by up to 0.25 percent. 

“CBA cut the majority of its variable home loan rates by just 0.19 per cent so it’s disappointing to see some cuts to savings accounts have gone above this. 

“Now is an excellent time to review your savings accounts and see if you are getting the most bang for buck in what is a very difficult market for savers.” 

How the big bank savings accounts stack up post July cash rate cut: 

Big four savings accounts – conditional rates 

Bank

Product

Base rate

Max. rate

How to earn max. rate

CBA

Goalsaver

0.01%

1.15%*

Deposit $200 and no withdrawals per mth

Westpac

Life

0.60%

2.10%

Make a deposit and end with higher balance per mth

NAB

Reward Saver

0.11%

1.86%

One deposit and no withdrawals per mth

ANZ

Progress Saver

0.01%

1.95%

Deposit $10 and no withdrawals 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

CBA

NetBank Saver

0.15%

2.05%

5 months

Westpac

eSaver

0.15%

2.16%

5 months

NAB

iSaver

0.11%

2.11%

4 months

ANZ

Online Saver

0.15%

1.95%

3 months

 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

MyState Bank Bonus Saver Account

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

2.35%

Deposit $250/mth and no withdrawals

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