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Aussie savings accounts take a hit as first round of RBA savings cuts land
15 Aug 2025
Seven banks have already cut savings rates following Tuesday’s RBA decision, including Bank of Queensland, which cut its market-leading rate to below 5%.
BOQ’s Future Saver account, which is available to young adults aged 14 -35, has dropped its ongoing savings rate from 5.00% to 4.85%.
NAB has also cut its two main savings rates today, 10 days ahead of its variable mortgage rate cuts, dropping these rates by 0.25 percentage points.
Macquarie Bank has cut both savings and mortgage rates today, as per its announcement on Tuesday.
Other banks that have already cut savings rates this week include AMP, Great Southern Bank, ME Bank and Hume Bank.
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| Today’s key savings rate changes – NAB, Macquarie, BOQ |
|||
|---|---|---|---|
| Old max rate | New max rate | Change %-pts | |
| NAB | |||
| Reward Saver* | 4.35% | 4.10% | -0.25 |
| iSaver | 4.65% for 4 mths then 1.50% | 4.40% for 4 mths then 1.25% | -0.25 |
| Macquarie | |||
| Savings account | 4.85% for 4 mths then 4.50% | 4.60% for 4 mths then 4.25% | -0.25 |
| Transaction account | 2.25% | 2.00% | -0.25 |
| BOQ | |||
| Future Saver (14-35 yrs)* | 5.10% | 4.85% | -0.25 |
| Smart Saver (36+)* | 4.75% | 4.60% | -0.15 |
| Notes: Monthly terms and conditions apply for max rate. Macquarie’s introductory rate is available on balances up to $250k, ongoing rate available on balances up to $2m. | |||
Notes: Monthly terms and conditions apply for max rate. Macquarie’s introductory rate is available on balances up to $250k, ongoing rate available on balances up to $2m.
When will the other big banks move on savings rates?
CBA and ANZ savings rates are still under review, however, if history is anything to go by, the banks will cut select savings rates next Friday.
Westpac has announced its making savings rate cuts next Friday, four days ahead of its mortgage changes. However, the bank has confirmed it will not be cutting the rate on its Spend&Save account for 18-29 year olds, leaving it at 5.00% for now.
There are two other banks still offering one ongoing savings rate at 5.00%, ING and MOVE Bank, however, these banks have not made their post-RBA savings rate announcements.
As savings rates tumble, are term deposit rates looking more attractive?
We estimates a competitive savings rate after this latest cash rate cut takes effect will be 4.75 per cent or more, however, rates this high will almost certainly come with monthly terms and conditions.
Meanwhile, the highest term deposit rate is now 4.45% from Australian Unity for 6 months. However, with expectations of at least one more RBA rate cut through to next year, these term deposit rates are unlikely to last long.
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| Highest term deposits on Canstar’s database | ||
|---|---|---|
| Term | Bank | Rate |
| 6 mth | Australian Unity | 4.45% |
| 1-year | Heartland Bank | 4.20% |
| 2-year | Judo Bank | 3.95% |
| 3-year | Judo Bank | 4.00% |
| 4-year | Judo Bank | 4.25% |
| 5-year | Judo Bank | 4.35% |
Source: Canstar.com.au. Notes: All payment frequencies included.
Canstar’s data insights director, Sally Tindall says, “The third RBA rate cut of the year is already hitting savers in the hip pocket with NAB, Macquarie and BOQ all cutting key savings rates today, alongside some smaller banks.”
“BOQ’s market leading rate has dropped back to 4.85 per cent, which will be disappointing for their customers who have sought out a market-leading rate to turbo charge their savings.
“However, the days of ongoing savings rates starting with a 5 aren’t over just yet, with Westpac confirming it will keep its 5.00 per cent rate for young adults aged 18 to 29.
“Once the August RBA rate cut filters through, know that a competitive ongoing savings rate is estimated to be 4.75 per cent and above, however, you’ll have to be able to meet monthly terms and conditions to achieve this rate.
“We expect more savings rates will fall victim to this latest RBA cut in the weeks ahead, however, banks aren’t likely to make a song and dance about them.
“Our rate tracker shows more than 60 banks have rushed to share the good news on mortgage rates, yet many banks are leaving their savings customers guessing.
“If your bank hasn’t told you what’s happening with your savings yet, don’t wait – call, email, or even reach out on social media. It’s your hard-earned money, and you have every right to know where your rate is headed.”
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This article was reviewed by our Finance Editor Jessica Pridmore before it was updated, as part of our fact-checking process.
