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

Balance   Before Now Difference
Under $50K Max Rate 0.65% 0.50% -0.15%
Base rate 0.01% 0.10% +0.09%
$50K-$249K Max Rate 1.00% 1.00% 0.00%
Base rate 0.01% 0.10% +0.09%
$250K - $999K Max Rate 1.35% 1.00% -0.35%
Base rate 0.01% 0.10% +0.09%
+1M Max Rate - - -
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 shows that 55 banks have cut rates since the last emergency cash rate cut on March 19, including ING, Suncorp and BankWest. 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



5 mths
Westpac eSaver



5 mths
NAB iSaver



4 mths
ANZ Online Saver



3 mths

Highest standard savings account rates on

Bank Account Intro rate Intro term Ongoing Rate Notes
AMP Saver Account


6 months


On balances up to $500k
Macquarie Bank Savings Account


4 months


On balances up to $250k
Rabobank High Interest Savings Account


4 months


On balances up to $250k

Source: Rates accurate as of 03.04.2020

Big four bank conditional savings accounts

Bank Product Base Rate Max Rate Conditions
CBA Goal Saver



Mthly deposit of $200+, no withdrawals
Westpac Life



Account balance must increase each mth
NAB Reward Saver



Monthly deposit, no withdrawals
ANZ Progress Saver



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

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: Rates accurate as of 03.04.2020

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Learn more about savings accounts

What is the interest rate on savings accounts?

As banks frequently change their rates, the most accurate way to look at interest rates on savings accounts is to use a savings accounts comparison tool. When you look at the savings rate check what the maximum and minimum rates are. Often banks will offer you a promotional rate for the first few months which is competitive, but then revert back to a base rate which can sometimes be less than inflation. Ongoing bonus rates are often a safer bet as they will keep rewarding you with the maximum rate, provided you meet their criteria

How to make money with a savings account?

Savings accounts make you money by earning interest on your savings. The more money you deposit, the longer you leave it in the account, and the higher the account’s interest rate, the more interest you’ll be paid by the bank or financial institution, and the more your wealth will grow.

To make sure your savings account makes money and doesn’t lose money, it’s important to maintain a large enough minimum balance that the annual interest earned exceeds any annual fees charged on the account.

What is a good interest rate for a savings account?

A good rule of thumb to keep in mind with savings accounts is to look for a rate that is higher than the CPI inflation rate. This number is constantly changing, so check the Reserve Bank of Australia’s page. If you aren’t earning interest above this then the value of your money will go backwards over time.

Can I overdraft my savings account?

A lot of savings accounts won’t let you overdraw. Some will allow this feature but you’ll need to apply first. It’s best to read the fine print and check with your lender whether this is a feature they offer. It can be a helpful addition, but as your lender can charge you a fee as well as interest for going into negative numbers, it’s best to avoid overdrafting when possible.

How to open a savings account for my child?

Some banks and financial institutions allow parents to open a bank account for their child as soon as it is born, and start depositing funds to go towards the child’s future.

Children’s savings accounts generally don’t have fees, and are structured to help develop positive financial habits by limiting withdrawals, encouraging regular deposits, and earning interest on the savings, similarly to standard savings accounts.

How do I open a savings account?

Opening a savings account is a relatively simple process. If you’ve found an account with a suitable interest rate, you’ll just need to get in contact with your chosen lender via a branch, phone call or hop online to begin the process. 

You may be required to provide:

  • Personal details, including identification (driver’s license, passport etc.)
  • Tax file number
  • Employment details

How does interest work on savings accounts?

The type of interest savings accounts accrues is called compound interest. Compound interest is interest paid on the initial deposit amount, as well as the accumulated interest on money you have. This is different from simple interest where interest is paid at the end of a specified term. Compound interest allows you to earn interest on interest at a higher frequency. 

Example: John deposits $10,000 into a savings account with an interest rate of 5 per cent that he leaves untouched for 10 years. At the end of the first year he will have $10,512 in savings. After ten years, he will have saved $16,470.

Who has the highest interest rates for savings accounts?

As banks frequently change their rates, the most accurate way to know who currently has the highest interest rate is to use a savings account comparison tool.

What is a savings account?

A savings account is a type of bank account in which you earn interest on the money you deposit. This makes it one of the easiest and safest investment tools.

Can you set up a savings account online?

Yes. Several large and small banks offer online applications for savings accounts, and there are also online-only financial institutions to consider.

Online-only savings accounts are often less expensive than other savings accounts, though they may not offer the same flexibility, features, or face-to-face service as more traditional savings accounts.

How much money should I have in my savings account?

A good rule of thumb when working out a minimum balance for your savings account is to make sure that you’ll earn more in annual interest on your savings than what you’ll be charged in annual fees.

If you’re saving with a specific goal in mind, prepare a budget so the interest you earn on your deposits will help you efficiently reach this goal. Online financial calculators may be helpful here.

Can you have a joint savings account?

Yes. Joint savings accounts can be useful for two or more people wanting to combine their savings to meet shared financial goals, including spouses, flatmates and business partners.

Some joint savings accounts require all parties to sign before they can access the money. While less convenient, this extra security can help encourage all parties to meet their shared financial goals.

Other joint savings accounts allow any of the account holders to access the money. These accounts can be convenient for financially responsible couples that trust one another implicitly. 

Can you direct deposit to a savings account?

Yes. You can make one off payments or set up regular direct deposits into a savings account. This can be organised easily through online banking or by making deposits in a branch. Talk to your lender to find out the easiest way for you to set up direct deposits.

How can I get a $4000 loan approved?

While personal loans and medium amount loans don’t offer guaranteed approval, there are steps you can take to help increase the likelihood of your application being approved, including:

  • Fulfilling the eligibility criteria (providing ID, proof of residency, proof of income etc.)
  • Checking your credit history (you can order one free copy of your credit file per year, and make sure that there aren’t any errors that may be bringing down your credit score)
  • Comparing carefully before applying (making multiple loan applications can mean having your credit checked multiple times, which can look bad to some lenders and reduce your chances of being approved by them)

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