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CBA, Westpac, ANZ cut savings rates today – how has your savings account fared?
22 Aug 2025
Millions of Australians have woken up to lower savings rates today, as three of the country’s biggest banks trimmed some of their key accounts following last week’s RBA cash rate cut.
CBA, Westpac and ANZ all cut savings rates in a mix bag of changes where some accounts got spared and some saw larger-than-standard cuts. NAB already made its savings cuts last Friday.
Big four bank savers: who got hit and who got spared?
- CBA: GoalSaver customers escaped the full cut, with the maximum ongoing rate dropping by 0.20 to 4.25%. CBA’s NetBank Saver’s ongoing rate plunged 0.35 to a paltry 1.55%, while Youthsaver fell 0.25 to 4.30%.
- Westpac: Westpac’s Life account dropped 0.25 to 4.25%. eSaver’s existing customer rate remained unchanged at 1%. Spend&Save for young adults held steady at 5%.
- NAB: Reward Saver and iSaver both dropped by 0.25. The new ongoing rates are 4.10% and 1.25% respectively.
- ANZ: All savings rates fell by 0.25 leaving the bank’s highest rate at 4.25% and its lowest ongoing rate at 0.65%.
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| Big four bank savings rate changes | |||
|---|---|---|---|
| Account | New ongoing rate | Change to ongoing rate % pts | |
| CBA | GoalSaver | 4.25% | -0.20 |
| NetBank Saver | 1.55% | -0.35 | |
| Youthsaver | 4.30% | -0.25 | |
| Westpac | Life | 4.25% | -0.25 |
| eSaver | 1.00% | 0 | |
| Spend&Save | 5.00% | 0 | |
| Bump | 4.25% | -0.25 | |
| NAB | Reward Saver | 4.10% | -0.25 |
| iSaver | 1.25% | -0.25 | |
| ANZ | Plus Growth Saver | 4.25% | -0.25 |
| Progress | 3.15% | -0.25 | |
| Online Saver | 0.65% | -0.25 | |
Source: Canstar. Note: the above rate cuts are based on the maximum ongoing rate an existing customer can receive. Excludes introductory rates. Monthly terms and conditions, balance caps and age caps can apply.
What have the other banks announced for savers?
Rate tracking shows:
- 26 banks have already cut savings rates following the August cash rate cut.
- The average cut to ongoing rates since 12 August has been 0.23%.
- 5.00% will be the highest ongoing savings rate in the database.
- The estimated average ‘at-call’ deposit rate will be 2.30%. This is based on RBA data and includes transaction accounts.
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| Highest ongoing savings rates currently on Canstar’s database | |||
|---|---|---|---|
| Account | Max rate | Conditions | If not met |
| Westpac Spend&Save (ages 18 – 29) |
5.00% | Grow balance, make 5+ transactions in linked bank acct. For 18-29 year olds | 0.40% |
| MOVE Bank Growth Saver
*has not announced post RBA rates |
5.00% | Deposit $200 into savings acct and make no withdrawals. Balances up to $25k | 0.10% |
| BOQ Future Saver
(ages 14 – 35) |
4.85% | Deposit $1K, make 5+ transactions in linked bank acct. Balances up to $50k | 0.05% |
| ING Savings Maximier | 4.80% | Deposit $1K, make 5+ transactions in linked bank acct + grow savings balance. Balances up to $100k | 0.05% |
Source: Canstar. Note: excludes intro rates and kids accounts.
Impact of choosing highest ongoing savings rate vs the average
Over the past 12 months, someone with $20,000 on the average ongoing savings rate would have earned $552 in interest.
However, if that person had saved their money in the highest ongoing savings account in the market they could have earned $1,095 – an extra $543 interest in just one year.
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| Interest earned on $20,000 deposit – last 12 months | |
|---|---|
| Interest earned | |
| Average ongoing savings rate | $552 |
| Highest ongoing savings account | $1,095 |
| Difference | +$543 |
Source: Canstar.com.au. Notes: Calculations assume you stayed with that account over the 12 month period with an initial deposit of $20,000 and interest calculated daily but deposited on the first of every month. Does not factor in additional deposits but assumes conditions are met for bonus rates. Av ongoing rate is based on RBA data and includes transaction accounts.
Savings rate cuts not clean across the board
Canstar’s data insights director, Sally Tindall says, “Three of the big four have taken the scissors to savings rates, but it’s not a clean cut. Some accounts were spared while others have been hacked by more than the standard 0.25 percentage points.”
“If you haven’t checked what’s happened to your nest egg, don’t assume the RBA cut has been applied evenly because banks are applying different-sized cuts to select accounts.
“For example, CBA’s NetBank Saver customers have copped a pretty brutal 0.35 percentage point cut, dragging the ongoing rate for existing customers down to just 1.55 per cent. That’s barely keeping the lights on when other banks are still offering north of 4.75 per cent.
“However CBA is employing a strategy of taking from Peter to pay Paul, with GoalSaver customers only seeing a drop of 0.20 percentage points to their ongoing rate, provided they meet the monthly terms and conditions, of course.
“Young adults on Westpac’s Spend&Save can breathe easy – this is one 5 per cent rate that has held firm, for now. However, don’t get complacent, because one cut would relegate this rate into the ‘4’s’.
“More than two dozen banks have already cut savings rates after the RBA move but there’s plenty more still to declare their hand. If your bank hasn’t told you where your savings rate is heading, pick up the phone and ask them. If the answer isn’t good enough, consider voting with your feet.
“Savers who stay on low rates are effectively gifting their bank money. Canstar research shows that someone with $20,000 in an average at-call deposit account is likely to have missed out on up to $543 in interest over the last year by not shopping around.
“Term deposits can potentially offer a safe haven in a falling rate environment, however, savers will need to accept more stringent terms and conditions, and in many cases, a lower starting rate.
“Laddering a series of term deposits that have varying fixed periods is one potential way to lock in some certainty for your nest egg without committing the entire balance in one go. However, you’d have to be up for the extra admin, be across the fine print and accept your fate if we don’t end up seeing further cash rate cuts.”
This article was reviewed by our Content Editor Alasdair Duncan before it was updated, as part of our fact-checking process.
