October has been a big month for rate cuts, with all of the big four banks and many smaller banks making pre-emptive savings account rate cuts as a November RBA rate cut looks increasingly likely.

NAB is the most recent big four bank to announce it will be cutting interest rates on its savings accounts.

From today, NAB will reduce its total savings account interest rate by 10 basis points on its Reward Saver and iSaver accounts. 

The new rates, effective 30 October 2020 are:

  • NAB Reward Saver - 0.70% p.a (0.05% p.a base rate + 0.65% p.a bonus rate that applies if you meet certain conditions throughout the month)
  • iSaver - 0.75% p.a (0.05% p.a base rate + 0.70% p.a introductory rate for the first four months)

The changes mark the second time this month NAB has cut savings account interest rates. 

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

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Maximiser (<$100k)

    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money

    Saver Account (<$250k)

    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money
    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    • No withdrawal notice periods or interest rate penalties

    Savings Account (Amounts < $250k)

    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    • No withdrawal notice periods or interest rate penalties
    05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Maximum Age - 24

    Goal Saver

    • Maximum Age - 24
    02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    No monthly fees
    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    No monthly fees

    Save Account

    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings

    Bonus Saver Account (Amounts < $250k)

    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    For customers aged 14-35 years
    For customers aged 14-35 years

    Future Saver Account ( < $50k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Boost Saver

        Important Information and Comparison Rate Warning

        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 29, 2024. View disclaimer.

        Commonwealth Bank savings account rate cuts

        Commonwealth Bank recently sliced rates by 0.05% on a few of its savings accounts, including its kids savings account linked to the popular Dollarmites program.

        Commbank's new savings account interest rates are:

        • NetBank Saver - 0.85% p.a (0.05% p.a base rate + 0.80% p.a intro rate for the first five months)
        • GoalSaver - 0.50% p.a (0.10% p.a base rate + 0.40% p.a bonus rate on balances under $50,000 applicable when conditions are met each month)
        • GoalSaver - 0.85% p.a (0.10% p.a base rate + 0.75% p.a bonus rate on balances between $50,000 to $1 million applicable when conditions are met each month)
        • YouthSaver - 1.00% p.a (0.10% p.a base rate + 0.90% p.a bonus rate applicable when conditions are met each month)

        Westpac savings account rate cuts

        Westpac has also carved interest rates on a number of its savings accounts this month, after also cutting savings account rates in September. 

        Westpac's new rates are:

        • eSaver - 0.75% p.a (0.05% p.a base rate + 0.70% p.a intro rate for first five months)
        • Life - 0.75% p.a (0.40% p.a base rate + 0.35% p.a bonus rate applicable if you meet conditions each month)
        • Bump - 1% p.a (0.55% p.a base rate + 0.45% p.a bonus rate)

        ANZ savings account rate cuts

        Earlier this month, ANZ reduced its savings account interest rates by 0.15% p.a on its Online Saver and Progress Saver accounts.

        ANZ's new rates are:

        • Online Saver - 0.65% p.a (0.05% p.a base rate + 0.60% p.a intro rate for three months)
        • Progress Saver - 0.70% p.a (0.01% p.a base rate + 0.69% p.a bonus rate)

        Neobanks, smaller banks bow to low interest rate pressures

        It appears customers of neobanks aren't immune to interest rate cuts on savings accounts, despite these banks offering some of the highest interest rates for savers on the market.

        Notable rate cuts to interest rates on savings accounts in the last month include:

        The recent cuts to savings accounts appear to be a pre-emptive move by the banks ahead of the RBA's meeting on Tuesday 3 November.

        Out of 24 Bloomberg-polled analysts, 14 expect the RBA to cut the cash rate by 15 basis points on Melbourne Cup day.

        This would take the official cash rate to a new record low of 0.10% - not far away from negative territory.