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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

03 Apr, 2020 - 3 min read

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

Balance		Before	Now	Difference
Under $50K	Max Rate	0.65%	0.50%	-0.15%
Under $50K	Base rate	0.01%	0.10%	+0.09%
$50K-$249K	Max Rate	1.00%	1.00%	0.00%
$50K-$249K	Base rate	0.01%	0.10%	+0.09%
$250K - $999K	Max Rate	1.35%	1.00%	-0.35%
$250K - $999K	Base rate	0.01%	0.10%	+0.09%
+1M	Max Rate	-	-	-
+1M	Base rate	0.01%	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

	Before	From 26 March	Difference
Intro Rate (5 mths)	1.30%	1.05%	-0.25%
Ongoing rate	0.05%	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

Bank	Product	Intro rate	Ongoing rate	Intro term
CBA	NetBank Saver	1.05%	0.05%	5 mths
Westpac	eSaver	1.30%	0.05%	5 mths
NAB	iSaver	1.30%	0.05%	4 mths
ANZ	Online Saver	1.20%	0.05%	3 mths

Highest standard savings account rates on RateCity.com.au

Bank	Account	Intro rate	Intro term	Ongoing Rate	Notes
AMP	Saver Account	2.65%	6 months	1.05%	On balances up to $500k
Macquarie Bank	Savings Account	2.65%	4 months	1.35%	On balances up to $250k
Rabobank	High 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

Bank	Product	Base Rate	Max Rate	Conditions
CBA	Goal Saver	0.10%	0.50%	Mthly deposit of $200+, no withdrawals
Westpac	Life	0.40%	1.30%	Account balance must increase each mth
NAB	Reward Saver	0.05%	1.25%	Monthly deposit, no withdrawals
ANZ	Progress 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

Bank	Max rate	Base rate	Conditions for max rate
BOQ	2.00%	0.20%	Deposit $1K + 5 trans into linked account per mth
MyState Bank	2.00%	0.30%	Deposit $20+ per mth and 5 purchases from linked trans account
Up	2.00%	0.25%	5+ purchases per mth from linked trans account
86 400	2.00%	0.40%	Deposit $1,000+ per mth

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

Disclaimer

This article is over two years old, last updated on April 3, 2020. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent savings accounts articles.

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Product database updated 27 Apr, 2024

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

Laine Gordon

Head of Public Relations

Laine Gordon is the Head of Public Relations at RateCity and an experienced journalist and research specialist. With a background in news and feature writing, covering finance, media and even food (a passion of hers) at Reed Elsevier publications, Laine brings almost two decades of experience to the team. Having covered major areas of interest to the general public from hip pocket issues to rising and falling interest rates and the impact to mortgages, credit and saving in Australia, she is passionate about researching and telling people’s stories to help others make better decisions about their own finances.