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Regular savers take the fall as CBA cuts bonus rates

Liz Seatter avatar
Liz Seatter
- 3 min read
Regular savers take the fall as CBA cuts bonus rates

Australia’s biggest bank, CBA, has today cut interest rates on some savings accounts by up to 0.30 per cent on the back of last week’s cut to the cash rate.

The bank has reduced the ongoing bonus rates on their Goal Saver account by 0.25 per cent, their pensioner security account by up to 0.25 per cent and their Youth Saver account by 0.30 per cent. The bank’s NetBank Saver account, which has an ongoing rate of just 0.10 per cent, remains unchanged.

The savings rate cuts come two weeks before the bank’s home loan changes come into effect.

CBA GOAL SAVER ACCOUNT

BalanceBeforeNowDifference
Under $50KMax Rate0.90%0.65%0.25%
Base rate0.01%0.01%-
$50K-$249KMax Rate1.25%1.00%0.25%
Base rate0.01%0.01%-
$250K - $999KMax Rate1.60%1.35%0.25%
Base rate0.01%0.01%-
+1MMax Rate0.01%0.01%-
Base rateN/AN/AN/A

Conditions for max rate: deposit $200 or more and make no withdrawals per month.

YOUTH SAVER ACCOUNT

BeforeNowDifference
Max Rate1.85%1.55%-0.30%
Base rate0.10%0.05%-0.05%

Conditions for max rate: at least one deposit and no withdrawals a month. Up to age 18.

RateCity.com.au research director Sally Tindall said regular savers will be impacted the most by these cuts, as the bank attempts to recoup some of the costs from their home loan cuts.

“Savers who go above and beyond to qualify for bonus interest deposits are going to be stung the most by these cuts,” she said.

“CBA is one of six banks so far to cut deposit rates since last week’s cash rate cut, with dozens more expected to follow.

“It’ll be interesting to see how far Westpac, NAB and ANZ shave their rates, seeing as they’ve already taken the knife to some of their savings rates this year.

“In this low rate environment, finding a savings rates above inflation can feel like finding a needle in a haystack, but they are out there.

“The highest rate on RateCity.com.au’s database is 2.25 per cent, on offer from neobanks 86 400, and Up, but these rates are unlikely to stick around,” she said.

Highest ongoing savings rates on RateCity.com.au

BankMax rateConditions
86 400

2.25%

Deposit $1K /mth
Up

2.25%

5 or more transactions on linked account
Bank of Queensland

2.15%

Deposit $1K into linked accounts and make 5+ transactions

Notes: excludes kids’ savers and introductory rates.

Big four bank conditional savings accounts

BankProductBase RateMax RateConditions
CBAGoal Saver

0.01%

0.65%

Mthly deposit of $200, no withdraw
WestpacLife

0.45%

1.55%

Mthly deposit, account balance must have increased
NABReward Saver

0.11%

1.50%

Mthly deposit, no withdraw
ANZProgress Saver

0.01%

1.60%

Min mthly deposit of $10, no withdraw

Notes: Rates based on balances less than $50,000. CBA offers higher rates for larger deposits.

Disclaimer

This article is over two years old, last updated on March 9, 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 29 Mar, 2024

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