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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
| Before | Now | Difference | |
| Intro Rate (4 mths) | 1.55% | 1.30% | 0.25% |
| Ongoing rate | 0.11% | 0.05% | 0.06% |
NAB reward saver
| Before | Now | Difference | |
| Max Rate | 1.50% | 1.25% | 0.25% |
| Base rate | 0.11% | 0.05% | 0.06% |
Conditions for max rate: make one deposit and no withdrawals per month.
ANZ CUTS
ANZ online saver
| Before | Now | Difference | |
| Intro Rate (3 mths) | 1.55% | 1.20% | 0.35% |
| Ongoing rate | 0.05% | 0.05% | 0.00% |
ANZ progress saver
| Before | Now | Difference | |
| Max Rate | 1.60% | 1.25% | 0.35% |
| Base rate | 0.01% | 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
| Before | Now | Difference | |
| Max Rate | 1.60% | 1.25% | 0.35% |
| Base rate | 0.01% | 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
| Bank | Product | Intro rate | Ongoing rate | Intro term |
| CBA | NetBank Saver | 1.30% | 0.05% | 5 mths |
| Westpac | eSaver | 1.55% | 0.10% | 5 mths |
| NAB | iSaver | 1.30% | 0.05% | 4 mths |
| ANZ | Online Saver | 1.20% | 0.05% | 3 mths |
Big four bank conditional savings accounts – as of 13 March
| Bank | Product | Base Rate | Max Rate | Conditions |
| CBA | Goal Saver | 0.01% | 0.65% | Mthly deposit of $200, no withdraw |
| Westpac | Life | 0.45% | 1.55% | Mthly deposit, account bal must have increased |
| NAB | Reward Saver | 0.05% | 1.25% | Mthly deposit, no withdraw |
| ANZ | Progress Saver | 0.01% | 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
| Bank | Max rate | Conditions |
| 86 400 | 2.25% | Deposit $1K /mth into linked transaction account |
| Up | 2.25% | 5 or more transactions on linked account |
| Bank of Queensland | 2.00% | Deposit $1K into linked accounts and make 5+ transactions |
Notes: excludes kids’ savers and introductory rates.
Disclaimer
This article is over two years old, last updated on March 13, 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 26 Apr, 2024
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