Big four's lacklustre new savings account rates are in

With Westpac and CommBank announcing their new savings accounts rates not too long after the RBA cash rate hike on 3 February, customers waited until Friday the 13th to learn their new NAB and ANZ savings rates.

The big four all passed on the 0.25% increase to their most prominent savings products, but in various guises.

Suffice to say, many existing big four savings account customers won't be seeing the full 0.25% passed on to their savings interest rates.

Big three all plump intro savings rates

CommBank

NetBank Saver account holders will only see a 0.15% increase to their standard variable rate, taking it to 1.70% p.a. (up from 1.55% p.a.).

See also : The different types of savings account interest rates

The other 0.10% will go towards pumping up the fixed introductory bonus margin for eligible new customers.

From Friday, new account holders will receive a fixed 3.00% p.a. (up from 2.90% p.a.) on top of the standard rate for the first five months of holding their accounts.

That's a top rate of 4.70% p.a. before it reverts to the less appealing 1.70% p.a. standard variable rate.

Westpac

It's much the same set-up on Westpac's e-Saver account where the standard variable rate will remain at 1.00% p.a. while the five-month fixed introductory rate for eligible new customers will see the 0.25% boost to 3.25% p.a. (up from 3.00% p.a.). 

With the unchanged additional online bonus rate of 0.45% for new eSaver accounts opened online, it also has a top rate of 4.70% p.a. - but only for new customers and not for long. 

NAB 

NAB has done to the same to existing customers of its NAB iSaver account.

Its standard variable base rate will increase by 0.15% to 1.40% p.a. (from 1.25% p.a.) while the fixed bonus margin will see a 0.10% increase to 3.30% p.a. (up rom 3.20% p.a.) for the first four months for eligible new account holders.

Surprise, it's another top rate of 4.70% p.a. but, again, not for all.

ANZ, Westpac boost bonus rates - with strings attached

ANZ

While ANZ's premier high-interest savings account, ANZ Plus Growth Saver, doesn't feature an introductory rate, it doesn't mean current account holders will necessarily see the full 0.25% passed on either.

The standard variable rate on the ANZ Plus Growth Saver will increase 0.05% to 0.10% p.a. (up from 0.05% p.a.) with the remaining 0.20% going towards boosting the bonus rate to 4.40% p.a. (up from 4.20% p.a.).

To get the top rate available - 4.50% p.a. - account holders must meet monthly bonus conditions, that is, growing their account balance by $100 or more a month, not counting interest payments.

If they don't get there, the 0.10% p.a. rate will apply.

Westpac

Similarly, Westpac has chosen to pass the full 0.25% to the bonus rate on its high-interest Westpac Life account, taking its top rate to 4.40% p.a. (up from 4.15% p.a.).

But this will only apply when monthly bonus conditions are met otherwise account holders will receive the negligible standard variable rate of 0.10% p.a.

Westpac Life matches the 4.50% p.a. top possible rate of ANZ Plus's Growth Plus account, but only when a monthly balance growth requirement is met (interest payments not counted) and the account balance is kept above $0.

Westpac Life also has an unchanged Spend&Save bonus rate of 0.75% p.a. for 18-34 year olds meeting rather lofty bonus conditions of making 20 or more transactions a month.

This will see the top possible Spend&Save headline rate lift 0.25% to 5.25% p.a. (up from 5.00% p.a.) on amounts up to $30,000.

Big four top savings account interest rates 

In a bid to make this a little clearer, here is a table showing the best possible rates from each bank:

Note: Top rates for general customers. Westpac offers a higher interest rate to customers aged 18-34.

Big four savings rates muddied

If the above has proved torrid reading, it is a reflection of what the Australian Competition and Consumer Commission (ACCC) described as the "complexity" of retail bank savings accounts.

In its December 2023 report into deposit products, the ACCC noted "the interest rates consumers receive on deposits do not automatically follow movements in the RBA’s cash rate target".

This is achieved by banks passing on increases to introductory or bonus rates, the report found, at the expense of existing - or all - customers receiving the full benefit of higher savings account interest rates.

However, it seems savings customers are wising up.

Westpac admits savings customers becoming more savvy

In its latest financial report, released on Friday, Westpac reported more of its customers are meeting requirements to get higher interest rates on their savings accounts.

This was one factor in putting pressure on the bank's core net interest margin, measured by comparing lending interest rates with what the bank pays out in deposit rates. 

Westpac's chief financial officer admitted it has seen a slight uptick in people qualifying for savings bonus rates - about a percentage point higher in the final quarter of the 2025 financial year than the average for the year.

He said other contributing factors were the lower interest rate environment - presumably seeing customers looking for better returns on their savings - and competition.

Over to Macquarie Bank

The big disruptor in the Australian deposit market in recent years is Macquarie Bank, with its popular no-conditions Savings Account leading the charge.

In December, Macquarie's household deposits hit the $100 billion benchmark for the first time, with APRA data showing the figure has tripled in the past four years, far outstripping the growth rates of any other deposit-taker. 

It now holds 7% of the savings and transaction account market.

Australia's 'fifth' big bank announced it would be passing on a 0.25% increase to all its Savings Account and Transaction Account customers from 20 February.

This will see the ongoing variable rate for the Savings Account lifted to 4.50% p.a. (up from 4.25% p.a.) on balances up to $2 million.

Its four-month variable welcome rate for new customers will also increase 0.25% to 4.85% p.a. (from 4.60% p.a.) on balance amounts up to $250,000.

Macquarie's Transaction Account - notable in the market for paying better interest than most everyday accounts - will see its interest rate rise to 2.25% p.a. (up from 2.00% p.a.) on all balances. 

Another market player in the no-strings space

In the latest round of deposit account increases, AMP's digital-only AMP GO Save also marked itself as a contender in the no-conditions savings segment.

Last week, AMP GO Save made a statement by passing on a 0.35%  increase to 4.60% p.a. (up from 4.25% p.a.) for balances between $0 - $500,000.

It pips Macquarie's ongoing savings rate for amounts under $500,000 by 0.10% although for balances between $500,000 and $1 million, GO Save's rate is 3.75% p.a. (a 0.25% increase from 3.50% p.a.).

Macquarie will pay its 4.50% p.a. on balances up to $2 million. 

Some commentators have speculated the big banks may eventually have to change their savings account business models in a bid to halt Macquarie's surge in the deposit space.

But, for now, it remains up to consumers to navigate the market to ensure they are getting the best returns on their savings. 

See also : Which banks are lifting savings rates after the RBA February rate rise?

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

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Bank	Savings Account	Base Interest Rate	Max Interest Rate	Total Interest Earned	Introductory Term	Minimum Amount	Maximum Amount	Linked Account Required	Minimum Monthly Deposit	Minimum Opening Deposit	Account Keeping Fee	ATM Access	Joint Application	Tags	Features	Link	Compare	Promoted Product	Disclosure
Judo Bank	Judo Bank Personal Savings Account	0.05% p.a. Bonus rate of 5.30% Rate varies on savings amount.	5.35% p.a.	$1,097	–	$0	$249,999		$0	$0	$0				Government backed protection. $0 monthly account keeping fees. 100% Australian-based support.	Go to site	Compare	Promoted	Disclosure
ING	ING Savings Booster (balance up to $500k)	2.25% p.a. Bonus rate of 3.15% Rate varies on savings amount.	6.00% p.a. Intro rate for 4 months then 5.40% p.a.	$1,134	4 months	$0	$499,999		$0	$0	$0					Go to site	Compare	Promoted	Disclosure
Rabobank	Rabobank High Interest Savings Account (<$250k)	4.00% p.a.	5.90% p.a. Intro rate for 4 months then 4.00% p.a.	$936	4 months	$0	$249,999		$0	$1	$0					Go to site	Compare		Disclosure