NAB waited until Friday evening to announce it was trimming another five basis points off the bonus rates for its Reward Saver Account, taking the maximum rate to 4.35% p.a.

NAB had previously lowered the rate by 0.25% p.a. in line with the May cash rate cut.

That cut took effect a month ago on 23 May - three days after the Reserve Bank of Australia announcement.

Late on Friday, NAB trimmed bonus rates by another five points to 4.25% p.a. with the base rate remaining at 0.10% p.a.

To achieve the bonus, account holders must make at least one deposit into the account before the second last banking day of every month and not make any withdrawals for the month.

NAB's Reward Saver product has no minimum balance requirement and charges no monthly account fees.

Customers of NAB's ex-Citibank Reward Saver product report their maximum interest rate also dropped on the same day to 4.90% p.a., made up of a variable base rate of 2.15% p.a. and a variable bonus rate of 2.75% p.a.

BoQ finally delivers savings account cuts

Meantime, Bank of Queensland has dropped some of its savings account rates after choosing not to act immediately after the May cash rate drop.

The maximum rate on Bank of Queensland's high-interest Future Saver Account for customers aged between 14-35 is now 5.10% p.a.

The bonus rate of 5.05% p.a. has been cut by 15 basis points, down from 5.20% p.a. on balances up to $50,000.

Here are the new BoQ Future Saver rates:

Balances up to Base rate Bonus rate Highest rate
up to $50,000 0.05% p.a. 5.05% p.a. 5.10% p.a.
$50,000-$250,000 0.05% p.a. 2.55% p.a. 2.60% p.a.
$250,000 plus 0.05% p.a. 0.00% 0.05%

Customers must deposit a minimum of $1,000 into a linked Everyday Account and make five eligible payments, withdrawals, or purchases to achieve the bonus rate.

The maximum rate on BoQ's Smart Saver Account has also dropped 0.15% p.a. to 4.75% p.a. for those aged 36 years and older.

That rate applies when the same conditions are met on balances up to $250,000.

The base rate remains at 0.05% p.a.

Savings rates on the slide

Savers are likely to see their rates slide even further with at least two more RBA cash rate cuts forecast to be handed down this year.

At this stage, there are still several banks offering savings products with rates 5% or above.

However, it's been many months since the term deposit market offered any rates above 5%, according to the Savings.com.au database.

NAB analysts are tipping another 25 basis point cash rate cut on 8 July although the other big banks are less certain it will come as early as next month.

At the same time, markets are pricing in an 86% chance of a July rate cut.

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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.

Rates
Features
Conditions
Other
Provider
4001$product[$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
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.75% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.20%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.75% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.20%
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn 4.85% p.a. for the first 4 months
  • No minimum Balance
  • No monthly deposit or withdrawal required
Disclosure

Save Account

  • Earn 4.85% p.a. for the first 4 months
  • No minimum Balance
  • No monthly deposit or withdrawal required
More details
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure

Save Account

  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
More details
Disclosure
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

More details
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 June 23, 2025. View disclaimer.

Important Information and Comparison Rate Warning

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