CBA has cut the base rate on its popular GoalSaver account which will see some customers earn less interest, as money in the bank from households hits a new record high of $1.77 trillion in July.
From 1 September, the base rate has been cut by 0.15 percentage points, down to just 0.10%. The bank has also boosted the bonus rate by the same amount so the headline rate remains at 5.00%.
The move follows a change by Westpac subsidiaries, which saw a similar cut to the base rate on the Incentive Saver available from St George, Bank of Melbourne and BankSA. Westpac’s own savings rates have not changed.
Macquarie Bank has also announced it will end its four-month introductory rate, available to new customers, from 14 September.
Changes to savings rates | |||
|---|---|---|---|
Old rate | New rate | Change %-pts | |
CBA GoalSaver | Base: 0.25% Max: 5.00% | Base: 0.10% Max: 5.00% | -0.15 to base +0.15 to bonus |
St George, BOM, BankSA Incentive Saver | Base: 0.10% Max: 5.15% | Base: 0.01% Max: 5.15% | -0.09 to base +0.09 to bonus |
Macquarie Savings | Base: 5.00% Intro: 5.35% for 4mths | Base: 5.00% | -0.35 for 4 mths for new customers |
Source: Canstar. *Macquarie changes are from 14 September. Notes: Conditions for max rate for CBA and Westpac subsidiaries are to grow balance each month (excludes interest earned).
Banks chip away at base rates, while boosting bonus rates
CBA and Westpac are not alone in re-calibrating the base and bonus rates on conditional saver accounts.
Canstar analysis shows, over the course of the three cash rate hikes this year, many banks were selective on which rates got the benefit of the hike, with most applying it to their bonus rate but not the base.
On average, the maximum rate on bonus saver accounts increased by 0.79 percentage points – that’s 0.04 more than the total rise to the cash rate – while the base rate, which is the rate earned if savers don’t meet their bonus conditions, rose by an average of just 0.03 percentage points. That’s 0.72 percentage points short.
Average change to bonus saver rates since 1 January 2026 | |||
|---|---|---|---|
1 January | Today | Average change %-pts | |
Maximum ongoing rate | 3.97% | 4.76% | +0.79% |
Base rate (if conditions not met) | 0.17% | 0.20% | +0.03% |
RBA cash rate | 3.60% | 4.35% | +0.75% |
Source: Canstar.
Two in five savers miss out on earning maximum interest
Canstar surveyed 3,002 Australians late last year and found 58% of respondents have a savings account with terms and conditions to earn the maximum rate.
Looking at the 1,730 with a bonus saver account, two in five (41%) said they missed out on earning the maximum interest every month, including 11% of bonus savers who say they never meet the bonus conditions.
Household deposits continue July trend, hit record high
The amount of money households stashed in the bank in July hit a new record, an increase of $32.9 billion for the month, according to the APRA monthly authorised deposit-taking institution statistics.
This is the second largest monthly increase in dollar terms – taking the total to a new high of $1.77 trillion.
Deposits typically increase at the start of the new financial year, with APRA figures showing the five highest monthly increases are all for the month of July.
Deposits by households | |||
|---|---|---|---|
Amount | Monthly change | Year-on-year change | |
Deposits by households | $1.77 trillion | $32.9 billion 1.9% | $124.2 billion 7.6% |
Source: APRA Monthly Authorised Deposit-taking Institution Statistics, July 2026, released 31 August 2026, prepared by Canstar.
CBA continues to hold the largest share of money in the bank from households at 26%. In July this amount grew by $9.6 billion – the second largest monthly increase in dollar terms for Australia’s biggest bank.
However, Macquarie has continued to outpace its big bank competitors in percentage terms, increasing by 3.3% in July, and an astounding 35% growth compared to a year ago.
Household deposits: APRA | ||||
|---|---|---|---|---|
Bank | Amount | Monthly change | Year-on-year change | Market share |
CBA | $467.7b | +2.1% | +8% | 26% |
Westpac | $363.4b | +1.5% | +7% | 21% |
NAB | $242.9b | +2.2% | +7% | 14% |
ANZ | $198.4b | +2.2% | +5% | 11% |
Macquarie | $115.9b | +3.3% | +35% | 7% |
Source: APRA Monthly Authorised Deposit-taking Institution Statistics, July 2026, released 31 August 2026, prepared by Canstar.
Canstar's Data Insights Director, Sally Tindall, says, “On paper, competition for household deposits still remains strong, but peel back the fine print and you’ll find plenty of examples of banks scrooging their customers who fail to meet the conditions.”
“CBA’s changes today are a perfect example of this, with a redistribution of the base and bonus rates, so that the headline stays at 5.00 per cent, but the base drops to 0.10 per cent any time a customer doesn’t grow their balance each month.
“This change is a strategic one that banks often employ. Today’s move from CBA is unlikely to stop many, if any, GoalSaver customers from switching accounts, and with the headline rate still heralding a relatively-competitive 5.00 per cent, it probably won’t stop new customers coming in the door either.
“Macquarie’s decision to drop its honeymoon deal points to a bank looking to focus on its core proposition – a competitive ‘no-strings’ saving rate. While it could put off honeymoon rate hoppers it’s still one of the most hassle-free accounts on the market.
“Australians are hoarding cash in record amounts, pushing total household deposits to an eye-watering $1.77 trillion in July. Tax time routinely drives an influx of money in the bank, but what’s astonishing to see is, despite cost-of-living pressures, we saw the second highest rise in deposits in APRA’s records in dollar terms.
“The trick for Australians is to make sure their money is working as hard as it can be. Strategies can include hopping from introductory rate offers, employing a no-fail strategy to meet the conditions on a bonus saver account each month or finding an account that doesn’t come tied up in strings but still delivers a competitive interest rate.
“The key is to work out what suits your finances, your savings goals and your lifestyle.”
Highest bonus savings rates | |||||
|---|---|---|---|---|---|
Provider | Max | Bonus | Base (if conditions not met) | Conditions | Max balance |
BOQ Future Saver (ages 14-35) | 5.80% | 5.75% | 0.05% | Deposit $1k, make 5+ transactions on eligible acct | $50k |
Westpac Spend&Save (ages 18-40) | 5.75% | 5.65% | 0.10% | Grow balance + make 20+ purchases on linked acct | $150k |
Move Bank Growth Saver | 5.65% | 5.55% | 0.10% | Deposit $200+, make no withdrawals | $25k |
ING Savings Maximiser | 5.50% | 5.49% | 0.01% | Deposit $1k, grow balance + make 5+ transactions | $100k |
Rabobank Premium Saver | 5.40% | 4.75% | 0.65% | Grow balance by $200 | $250k |
Source: Canstar. Based on the rates in the Canstar database, other conditions may apply.
Highest ‘no strings’ savings rates | ||
|---|---|---|
Provider | Ongoing rate | Max balance / acct |
AMP Go Save | 5.25% | $50k |
Teachers Mutual Starter Saver (ages 18-29) | 5.25% | $50k |
Police Bank U30 Super Charge (ages <30) | 5.25% | $10k |
Easy Street Flex Saver | 5.05% | $3m |
Macquarie Savings | 5.00% | $2m |
Bankwest Easy Saver | 5.00% | $250k |
MyState Hello Saver | 5.00% | $500k |
Teachers Mutual Essential Saver | 5.00% | $1m |
Source: Canstar. Based on the rates in the Canstar database, other conditions may apply. Note: Teachers Mutual includes Australian Mutual and Uni Bank brands. Easy Street, Macquarie, MyState and Bankwest also include a honeymoon rate. Bankwest is offering customers the chance to win a rate of 11.25% for 4 mths.
