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NAB and ANZ take the knife to savings rates post RBA cut

NAB and ANZ take the knife to savings rates post RBA cut

Australia’s 3rd and 4th largest banks, NAB and ANZ, have today dropped interest rates on savings accounts on the back of this month’s cut to the cash rate.

NAB CUTS

NAB iSaver

BeforeNowDifference
Intro Rate (4 mths)1.55%1.30%0.25%
Ongoing rate0.11%0.05%0.06%

NAB reward saver

BeforeNowDifference
Max Rate1.50%1.25%0.25%
Base rate0.11%0.05%0.06%

Conditions for max rate: make one deposit and no withdrawals per month.

ANZ CUTS

ANZ online saver

BeforeNowDifference
Intro Rate (3 mths)1.55%1.20%0.35%
Ongoing rate0.05%0.05%0.00%

ANZ progress saver

BeforeNowDifference
Max Rate1.60%1.25%0.35%
Base rate0.01%0.01%0.00%

Conditions for max rate: make one deposit of at least $10 and no withdrawals per month.

ANZ progress saver for kids

BeforeNowDifference
Max Rate1.60%1.25%0.35%
Base rate0.01%0.01%0.00%

Conditions for max rate: make one deposit of at least $10 and no withdrawals per month.

These changes come on the back of cuts to savings rates by both banks in January of this year:

NAB January cuts

iSaver: 0.15% off the introductory rate

Reward saver: 0.11% off the bonus rate

ANZ January cuts

Online saver: 0.05% off the ongoing rate

RateCity.com.au research director Sally Tindall said: “Once again regular savers are being hit the hardest with up to 0.35 per cent shaved off their bonus rates, in the case of ANZ.

“This is a double whammy for many NAB and ANZ savings customers who already had their rates cut less than two months ago.

“Now three of the four big banks are offering an ongoing rate of just 0.05 per cent on their standard savings accounts. It’s really only a matter of time before Westpac follows suit with cuts to their savings rates.

“It’s disappointing to see CBA, and now ANZ, have both slashed the bonus rates on their kids accounts.

“Hopefully this will prompt some schools to reconsider their school banking offering and teach kids the value in finding a competitive rate,” she said.

Big four bank standard savings accounts – as of 13 March

BankProductIntro rateOngoing rateIntro term
CBANetBank Saver1.30%0.05%5 mths
WestpaceSaver1.55%0.10%5 mths
NABiSaver1.30%0.05%4 mths
ANZOnline Saver1.20%0.05%3 mths

Big four bank conditional savings accounts – as of 13 March

BankProductBase RateMax RateConditions
CBAGoal Saver0.01%0.65%Mthly deposit of $200, no withdraw
WestpacLife0.45%1.55%Mthly deposit, account bal must have increased
NABReward Saver0.05%1.25%Mthly deposit, no withdraw
ANZProgress Saver0.01%1.25%Deposit $10 a mth, no withdrawal

Notes: Rates based on balances less than $50,000. CBA offers higher rates for larger deposits. Westpac still to adjust rates post RBA cut.

Highest ongoing savings rates on RateCity.com.au

BankMax rateConditions
86 4002.25%Deposit $1K /mth into linked transaction account
Up2.25%5 or more transactions on linked account
Bank of Queensland2.00%Deposit $1K into linked accounts and make 5+ transactions

Notes: excludes kids’ savers and introductory rates.

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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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