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 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.
CBA has also cut the bonus rate on its Goalsaver account by up to 0.25 per cent.
Old max rate
New max rate
$50K – $249K
$250K – $999K
$1M and over
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
How to earn max. rate
Deposit $200 and no withdrawals per mth
Make a deposit and end with higher balance per mth
One deposit and no withdrawals per mth
Deposit $10 and no withdrawals per mth.
* For balances under $50K. CBA offers higher rates for higher balances.
Big four savings accounts – introductory rates
Some of the highest savings account rates on RateCity.com.au
Endeavour Mutual Lifestyle Account
Deposit $400/mth. Up to age 35
MyState Bank Bonus Saver Account
Deposit $20/mth and make 5 transactions from linked account
Deposit $200/mth and no withdrawals
Australian Unity Active Saver
Deposit $250/mth and no withdrawals