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CBA sneaks through a second savings cut before Christmas

CBA sneaks through a second savings cut before Christmas

The country’s largest bank, CBA, has today shaved its popular savings accounts for the second time in a month.

Today’s savings rate cuts:

  • NetBank saver intro rate cut by 0.05% down to a max rate of 0.55%.
  • GoalSaver bonus rate cut by 0.05% to 0.50% for balances over $50,000.

CBA savings rate changes since the November RBA cut

CBA has now cut saving rates twice since the November 3 RBA cut, on Friday November 13 and again today.

While the RBA cut by 0.15 per cent, CBA has shaved up to 0.25 per cent off its bonus savings rates.

CBA NetBank saver

Pre Nov RBA TodayDifference
Intro Rate (5 mths)0.75%0.55%-0.20%
Ongoing rate0.05%0.05%0%

CBA GoalSaver account

Pre Nov RBA - max rateToday - max rateDifference
Under $50K0.50%0.45%-0.05%
Over $50K0.75%0.50%-0.25%

Deposit $200+ and make no withdrawals per mth for max rate. Includes a 0.05% cut to the base rate down to 0.05%.

RateCity database analysis:

  • More than 70 banks have cut savings rates since the Nov 3 RBA rate cut.
  • All big four banks have cut savings rates in the last month.
  • 0.42% is the average savings rate.
  • 1.35% is the highest ongoing savings rates (see below table for details).

RateCity.com.au research director Sally Tindall said: “CBA has snuck in a second cut to interest rates right before Christmas on its popular savings accounts.

“Anyone with a GoalSaver account can now expect to earn just half a per cent in interest – and in some cases less – while anyone with a NetBank Saver is earning an ongoing rate of 0.05 per cent. CBA customers need to know they can do better than this,” she said.

“While there are higher savings rates on offer, sadly CBA isn’t the only bank hacking away at rates. In the past month over 70 banks have dropped savings rates on the back of the RBA cut.

“Australians have squirreled away almost $100 billion in extra savings since the start of COVID. The banks are jam-packed full of cash they can’t afford to pay interest on.

“While rates aren’t likely to move north for the next three years, that doesn’t mean savers should be complacent.

“If you’ve got money in the bank, check your interest rate, check your terms and conditions but also check what other banks are offering. Just because savings rates are at an all-time low, doesn’t mean you have to throw your hands up in the air,” she said.

Highest conditional ongoing savings accounts on RateCity's database

BankAccountMax rate
MyState BankBonus Saver Account

1.35%

INGSavings Maximiser

1.35%

UBankUSave with USpend

1.25%

Source: RateCity.com.au. Conditions apply for max interest rate. Excludes accounts specifically for younger Australians.

Big four banks conditional savings rates

BankAccountMax rate

(if conditions met)

CBAGoalSaver

0.50%

WestpacLife

0.55%

NABReward Saver

0.55%

ANZProgress Saver

0.50%

Source: RateCity.com.au. Note rates are for balances over $50K.

Big four bank: standard savings rates

BankAccountIntro rate Ongoing rate
CBANetBank Saver (5 mths)

0.55%

0.05%

WestpaceSaver (5 mths)

0.55%

0.05%

NABiSaver (4 mths)

0.60%

0.05%

ANZOnline Saver (3 mths)

0.45%

0.05%

Source: RateCity.com.au. 

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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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