Household savings hit a new record high as Australians squirrel away $35 billion in July

Australians saved an extra $35 billion in the month of July, the highest monthly increase in household deposits on record in dollar terms.

The latest APRA Monthly Authorised Deposit-taking Institution (ADI) Statistics, released on Friday, shows the total amount saved in the bank from households is now $1.64 trillion—another record high.

← Mobile/tablet users, scroll sideways to view full table →

Source: APRA Monthly Authorised Deposit-taking Institution Statistics, released 29 August 2025, prepared by www.canstar.com.au. Note: deposits from households include term deposits, transaction accounts, mortgage offset accounts and savings accounts on the books of ADIs.

Just one bank still offers savings rate starting with a ‘5’, but with a catch

The list of banks offering at least one ongoing savings rate at 5% or higher has dropped to just one, after MOVE Bank cut its highest ongoing savings rate from 5% to 4.75% yesterday.

Westpac has held on to one savings account at 5%, however, this account is only for Australians aged 18 to 29 inclusive.

← Mobile/tablet users, scroll sideways to view full table →

Source: www.canstar.com.au. Table sorted in descending order by total rate, followed by base rate. One product per provider is listed. Excludes kids and intro rate accounts.

Compare Savings Accounts

Falling rates give banks’ mortgage books a boost

The total value of housing loans among all ADIs hit a new record high of $2.35 trillion in July, increasing by $8 billion (+0.3%) in the month and $129 billion (+5.8%) in the last year.
In dollar terms, CBA once again recorded the biggest monthly rise among the big four banks in its residential mortgage books increasing by $2.2 billion in the month.
Over the past year, Australia’s biggest bank grew its residential mortgage book by $34.5 billion.

← Mobile/tablet users, scroll sideways to view full table →

Source: APRA Monthly Authorised Deposit-taking Institution Statistics, July 2025. Includes both owner occupied and investor loans to households for the big four banks and Macquarie. ANZ figures do not include the former Suncorp mortgages.

Canstar’s Data Insights Director, Sally Tindall says, “Australians are proving that a good savings habit can withstand the pressures of rising household bills, with money in the bank hitting a new record high of $1.64 trillion.”

“Money back from tax returns is likely to be a key contributor to the super-sized boost in July, with total household deposits rising by an astronomical $35 billion in the space of a month.

“While Australians are still focused on increasing their cash reserves, unfortunately, most savers have been forced to watch their interest rates drop on the back of the three cash rate cuts this year.

“As a result, there’s just one lone bank still offering an ongoing rate starting with a ‘5’, but it’s only available if you’re under 30 and willing to jump through a few hoops. For many savers, rates now cap out in the mid-4s at best.

“On the mortgage front, lower rates are enticing more borrowers through the door, helping banks grow their home loan books at a steady rate.

“Once again, CBA recorded the biggest monthly rise among the big four banks in its residential mortgage book, increasing by $2.2 billion in the space of a month, spurred on by two cash rate cuts.

“CBA and Westpac are offering a relatively-competitive variable rate of 5.34 per cent, in an effort to consolidate their lead. This puts these rates from the two major banks in the lowest one fifth of all variable rates on our database.

“That said, smaller lenders are keeping the pressure on, offering advertised variable rates below 5.25 per cent and as low as 4.89 per cent, giving owner-occupiers plenty of options if they’re willing to look outside the big four.”

Compare Home Loans

Compare products, monitor your credit score, track interest rate changes, and access the deals, download the Canstar app today!