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NAB makes a surprise savings rate hike
25 Sept 2025
Big four bank NAB made a surprise move to its two main savings rates last week, hiking these accounts by up to 0.05 percentage points.
The bank increased the maximum rate on its popular Reward Saver from 4.10% to 4.15%, available on an ongoing basis provided customers make at least one deposit and no withdrawals every month. Customers who don’t achieve this revert to the base rate of 0.10% for the month.
Also on the rise was the maximum rate on its iSaver account, rising from 4.40% to 4.45%, however, this rate is only for new customers for the first four months.
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| NAB savings rate changes | |||
|---|---|---|---|
| Old max rate | New max rate | Change % pts | |
| Reward Saver | 4.10% | 4.15% | +0.05 |
| iSaver | 4.40% for 4 mths then 1.25% | 4.45% for 4 mths then 1.25% | +0.05 to intro rate |
Source: Canstar. Notes: conditions and balance caps apply for maximum rate. Contact us for a breakdown on base and bonus rates. Change was on 19 September.
How do the big four bank savings rates now stack up?
While the boost will be welcomed by existing NAB Reward Saver customers, the move doesn’t put it on top of the big bank pack.
Westpac still offers the highest ongoing savings rate out of the majors, and the whole market, however, it’s only available for Australians aged between 18 and 29 years old and requires them to meet a set of monthly terms and conditions.
CBA, Westpac and ANZ all offer an ongoing rate of 4.25% to savers of all ages, provided they meet monthly conditions.
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| Big four bank bonus savers | |||
|---|---|---|---|
| Max ongoing rate | Conditions for max rate | Rate if not met | |
| CBA Goal Saver | 4.25% | Grow balance each mth | 0.25% |
| Westpac Spend&Save (18-29 yrs) | 5.00% | Grow bal each mth. 5+ purchases on linked bank account. | 0.40% |
| Westpac Life | 4.25% | Grow balance each mth | 0.40% |
| NAB Reward Saver | 4.10% | 1 deposit, no withdraw/mth | 0.10% |
| ANZ Plus Growth Saver | 4.25% | $100+ dep, no withdraw/mth | 0.05% |
Source: Canstar.
| Big four bank online savers | ||
|---|---|---|
| Introductory rate | Ongoing rate | |
| CBA NetBank Saver | 4.55% for 5 months | 1.55% |
| Westpac eSaver | 4.25% for 5 months | 1.00% |
| NAB iSaver | 4.45% for 4 months | 1.25% |
| ANZ Online Saver | N/A | 0.65% |
Source: Canstar.
Banks still competing for savers in rate-cutting cycle
Canstar’s data insights director, Sally Tindall says, “NAB has made a surprise hike against a backdrop of falling savings rates.”
“While the boost of just 0.05 percentage points took the bank’s highest ongoing savings rate to 4.15 per cent, this still isn’t close to the market leaders.
“It is, however, a great reminder that banks are willing to entertain the idea of hikes in a rate-cutting cycle in order to attract new business.
“The fact that many savings rates are now starting to fall doesn’t mean Australians should just throw their hands up and do nothing. It actually makes chasing down a competitive rate all the more important.
“Even after the last RBA cut, savers should still be able to get an ongoing savings rate of 4.50 per cent or more, provided they’re willing to jump through a few hoops.
“That said, don’t go shoving a square peg into a round hole. If the savings account isn’t a good fit for your finances, find one that is. With around 300 different accounts in the market, savers are typically better off picking an account that suits their finances rather than chasing bonus conditions each month they can’t achieve with their eyes shut.”
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| Highest ongoing savings accounts on the Canstar database |
|||
|---|---|---|---|
| Account | Max ongoing rate | Monthly conditions | Base rate if not met: |
| Westpac Life Spend&Save | 5.00% | Grow balance, make 5+ transactions in linked bank acct. For 18-29 year olds. Balances up to $30k. | 0.25% |
| BOQ Future Saver | 4.85% | Deposit $1K, make 5+ transactions in linked bank acct. For 14-35 year olds. Balances up to $50k. | 0.05% |
| ING Savings Maximiser | 4.80% | Deposit $1K, make 5+ transactions in linked bank acct + grow savings balance. Balances up to $100k. | 0.05% |
| MOVE Bank Growth Saver | 4.75% | Deposit $200 into savings acct and make no withdrawals. Balances up to $25k. | 0.10% |
Source: Canstar. 23/09/2025. Table sorted in descending order by total rate, followed by base rate. One product per provider is listed. Excludes kids and intro rate accounts.
| Highest ‘no-strings’ savings rates on the Canstar database |
|
|---|---|
| Account | Rate |
| Australian Unity Freedom Saver | 4.35% |
| Macquarie Bank Savings | 4.25% |
| AMP Bank GO Save | 4.25% |
| Heartland Bank | 4.25% |
| ANZ Plus | 4.25% |
Source: Canstar. 23/09/2025. Excludes kids and intro rate accounts. Balance limits may apply. Macquarie Bank Savings account has an intro rate of 4.60% for 4 mths then 4.25% ongoing.
This article was reviewed by our Finance Editor Jessica Pridmore before it was updated, as part of our fact-checking process.
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