This comes after the bank made a 25 basis point cut to its 'iSaver' account last week.

Through the 'Reward Saver', the base interest rate is just 0.05% p.a, while the bonus interest rate is now 0.95% p.a.

The bonus applies to account balances up to $50,000.

To get the bonus, customers must make at least one deposit and no withdrawals each month.

For the bank with the slogan 'more than money', NAB's Retirement Account has also seen a 25 basis point cut to its interest rate that applies to balances above $50,000.

That interest rate is just 0.36% p.a for balances between $50,000 and $249,999. 

Interest is calculated daily and paid quarterly on this account, as opposed to the more common monthly interest payment.

Market-wide, the cuts bring NAB in-line with other big four savings accounts:

  • ANZ Progress Saver: 1.00% p.a (0.99% p.a bonus, 0.01% p.a base rate)
  • CommBank Goal Saver: 0.50% p.a (0.40% p.a bonus, 0.10% p.a base rate)
  • Westpac Life: 1.30% p.a (0.90% p.a bonus and 0.40% p.a base)

Interestingly, with headline inflation at 1.80%, savers are effectively losing money over the course of a year if they receive a 1.00% interest rate.

Comparing the big four banks' interest rates on their savings accounts, they lag behind other market-leading competitors in the space, as seen in the table below.

Provider

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 $200 per month to activate bonus interest
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
010000$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 June 16, 2024. View disclaimer.

    There are also a bevy of introductory rate savings accounts out there, with higher interest rates for four to six months, however the rates after that period usually revert to something much lower.

    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
    • 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
    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • For deposit amounts $0 - $49,999
    • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    • Reverts to variable ongoing rate. T&Cs apply.

    Savings Accelerator (Amounts < $50000)

    • For deposit amounts $0 - $49,999
    • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    • Reverts to variable ongoing rate. T&Cs apply.
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Deposit at least $1,000+ each month from an external source
    • Make 5 or more eligible transactions
    • Grow your savings balance each month

    Savings Maximiser (<$100k)

    • Deposit at least $1,000+ each month from an external source
    • Make 5 or more eligible transactions
    • Grow your savings balance each month
    02000$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 $200 per month to activate bonus interest
    020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    HomeME Savings Account ($0 - $100,000)

      02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Growth Saver ($1 - $25k)

        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)

          05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
          • Maximum Age - 24

          Goal Saver

          • Maximum Age - 24
          010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Boost Saver

            00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Reward Saver Account (31 years +) ($0-$100k)

              01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Bonus Saver Account (Amounts < $100k)

                0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Reward Saver Kick Start (Amounts ≤ $1m)

                  00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Life (< 30 years) (Monthly deposit)

                    5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    NetBank Saver

                      000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      ANZ Save

                        050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Young Saver Account

                          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Save up

                            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Bonus Saver (<$1 Million)

                              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 16, 2024. View disclaimer.