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Which banks are doing right by savers?
20 Aug 2025
Many Australians with money in the bank are still in the dark about what will happen to their savings rates, after last Tuesday’s RBA cash rate cut with the majority of banks still yet to announce whether they will trim their rates.
Two banks, however, have already shown their hand and it’s mostly good news for their savers. Market-leaders, Westpac and ING, have announced their plans, and crucially, neither has passed on the full 0.25 percentage point cut to some of their savings customers.
- Westpac has announced it will keep the rate on the Spend&Save account steady at 5 per cent for 18 to 29 year olds.
- ING has announced it will trim its Savings Maximiser account by just 0.20 percentage points, to 4.85 per cent, sparing savers the full impact of the RBA’s decision.
In a market where money in the bank is sitting at near-record highs, these moves suggest that at least some banks are still keen to compete for savers’ business.
Our database shows there is one other bank still offering one ongoing savings rate at 5.00 per cent, MOVE Bank, however, this bank has not made its post-RBA savings rate announcement.
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| Highest ongoing savings rates 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 and student accounts.
Focus on the rate, not the RBA’s rate cuts
While some of these moves look positive on the surface, savers shouldn’t be blinded by the headline announcements. The real question is: what rate are you personally earning?
For example, Westpac may have spared its existing eSaver customers with a rate cut, however, with an ongoing rate of just 1 per cent, this rate is hardly a reward for loyal saving.
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.
Impact of choosing highest ongoing savings rate vs big four banks
Over the past 12 months, someone with $10,000 deposited in one of the big four banks’ ongoing savings rates would have earned an average of $492.
However, if that person had saved their money in the highest ongoing savings account they could have instead earned $548 – an extra $56 in just one year.
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| Interest earned on $10,000 deposit – last 12 months | |
|---|---|
| Interest earned | |
| Big four banks average ongoing account | $492 |
| Highest ongoing savings account | $548 |
| Difference | +$56 |
Source: Canstar. Notes: Calculations assume you stayed with that account over the 12 month period with an initial deposit of $10,000 and interest calculated daily but deposited on the first of every month. Interest rates based on the rate of the chosen account at every point throughout the year. Assumes no additional deposits and that conditions are met.
What can savers do now?
If your bank hasn’t told you what your new savings rate will be after the latest RBA cut, don’t take it lying down. Call, email, or even message them on social media and ask for a straight answer. You deserve to know exactly how much interest your money will earn.
Beyond chasing answers, here are a few smart moves to keep your savings working hard:
- Shop around for a better deal. Plenty of banks are still competing for savers look for rates around 4.75% to 5% if you’re eligible.
- Switch if your rate is lagging. Moving your savings is easier than you might think, and loyalty rarely pays when rates are falling.
- Check for conditions. Many top rates require regular deposits and no withdrawals. Make sure you can meet these rules so you actually earn the advertised rate.
- Review your savings regularly. Don’t “set and forget.” Rates change quickly, and what was competitive three months ago might now be below average.
The bottom line: don’t wait for your bank to do you a favour. Be proactive, know your rate, and move your money if necessary.
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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.
