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CBA savings rates changes a reminder to give your savings a health check

CBA savings rates changes a reminder to give your savings a health check

CBA savings rates changes a reminder to give your savings a health check

Australia’s biggest bank, CBA, has cut the bonus rates on its Goal Saver account today by up to 0.35 per cent while increasing the base rate on this account by 0.09 per cent.

CBA Goal Saver account

BalanceBeforeNowDifference
Under $50KMax Rate0.65%0.50%-0.15%
Base rate0.01%0.10%+0.09%
$50K-$249KMax Rate1.00%1.00%0.00%
Base rate0.01%0.10%+0.09%
$250K - $999KMax Rate1.35%1.00%-0.35%
Base rate0.01%0.10%+0.09%
+1MMax Rate---
Base rate0.01%0.10%+0.09%

Conditions for max rate: deposit $200+ and no withdrawals per mth.

This follows on from cuts to the introductory rate of the bank’s NetBank Saver account of 0.25 per cent last Thursday (26 March).

CBA NetBank saver

BeforeFrom 26 MarchDifference
Intro Rate (5 mths)1.30%1.05%-0.25%
Ongoing rate0.05%0.05%0.00%

Analysis from RateCity.com.au shows that 55 banks have cut rates since the last emergency cash rate cut on March 19, including ING, Suncorp and BankWest.

RateCity.com.au research director Sally Tindall said today’s changes from the nation’s biggest bank serve as a timely reminder for people to give their savings account a health check.

“If you’ve got savings in the bank, make sure you’re getting the most out of them. Check what rate you’re getting, but also what the competition is offering,” she said.

“Some savings rates might be at record lows, but it’s still worth shopping around to make sure the money you do have saved in the bank is working as hard as it can be.

“Right now, there are still ongoing rates of up to 2 per cent and introductory rates of up to 2.65 per cent. Proactive savers might be able to boost their savings if they give their accounts a regular health check,” she said.

Big four bank standard savings accounts

BankProductIntro rateOngoing rateIntro term
CBANetBank Saver

1.05%

0.05%

5 mths
WestpaceSaver

1.30%

0.05%

5 mths
NABiSaver

1.30%

0.05%

4 mths
ANZOnline Saver

1.20%

0.05%

3 mths

Highest standard savings account rates on RateCity.com.au

BankAccountIntro rateIntro termOngoing RateNotes
AMPSaver Account

2.65%

6 months

1.05%

On balances up to $500k
Macquarie BankSavings Account

2.65%

4 months

1.35%

On balances up to $250k
RabobankHigh Interest Savings Account

2.25%

4 months

0.80%

On balances up to $250k

Source: RateCity.com.au Rates accurate as of 03.04.2020

Big four bank conditional savings accounts

BankProductBase RateMax RateConditions
CBAGoal Saver

0.10%

0.50%

Mthly deposit of $200+, no withdrawals
WestpacLife

0.40%

1.30%

Account balance must increase each mth
NABReward Saver

0.05%

1.25%

Monthly deposit, no withdrawals
ANZProgress Saver

0.01%

1.25%

Deposit $10+ per mth, no withdrawals

Note: Rates based on balances less than $50,000. CBA offers higher rates for larger deposits.

Highest conditional savings account rates on RateCity.com.au

BankMax rateBase rateConditions for max rate
BOQ2.00%0.20%Deposit $1K + 5 trans into linked account per mth
MyState Bank2.00%0.30%Deposit $20+ per mth and 5 purchases from linked trans account
Up2.00%0.25%5+ purchases per mth from linked trans account
86 4002.00%0.40%Deposit $1,000+ per mth

Source: RateCity.com.au. Rates accurate as of 03.04.2020

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This article was reviewed by Research Director Sally Tindall before it was published as part of RateCity's Fact Check process.

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