This follows savings account rate cuts from ANZ and NAB on 13 March and Commonwealth Bank's cuts on 9 March. 

Commonwealth Bank and NAB both cut rates by 25 basis points - the same as the Reserve Bank's cut to the cash rate - while ANZ decided to reduce rates for savers by 35 points, much more than what it passed onto home loan customers. 

The savings account cuts from Westpac and RAMS today match the cuts these banks officially passed onto home loan customers today. . 

The table below displays a snapshot of savings accounts with some of the highest non-introductory interest rates on the market. 

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.

    Westpac savings account rate cut 

    Westpac's two savings accounts, the Westpac Life and eSaver accounts, have had interest rates cut by 25 basis points in total. 

    The Westpac Life account has been reduced from a total rate of 1.55% p.a. to 1.30% p.a. 

    The changes to this account are two fold:

    • The base interest rate has been cut by 5 basis points to 0.40% p.a.
    • The bonus interest rate has been cut by 20 basis points to 0.90% p.a. 

    To earn this bonus interest, customers simply need to deposit any amount into the account during the month. 

    Westpac's introductory account, the eSaver, has also had its rate reduced to a maximum of 1.30% p.a.

    However, 1.25% p.a of this is only for the first five months: After that, the rate falls to a measly 0.05% p.a. 

    Westpac has been contacted for comment on these changes

    The table below displays a snapshot of savings accounts from the big four banks. 

    Provider

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

    Life

      01010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Progress Saver

        010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Reward Saver

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

          NetBank 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.

            RAMS savings account rate cut

            RAMS, which is owned by Westpac, also cut rates to its RAMS Saver base rate by 25 basis points, while the bonus rate remains unchanged. 

            The base rate fell to 0.75% p.a. means RAMS now has a total interest rate of 1.65% p.a.

            In a note sent to customers, RAMS said the bonus interest is payable on account balances up to $500,000 if: 

            • you deposit a minimum total of $200 a month;
            • you make no withdrawals in the month; and
            • you have an account balance that does not fall below $200 or exceed $500,000 at any time during the month.

            It also provided the following breakdown of how interest rates change based on the amount deposited in the account.

            Account Balance

            Base Rate (variable)

            Bonus Rate (variable)

            Rate with bonus

            $0 - $500,000

            0.90% p.a.

            0.75% p.a.

            1.65% p.a.

            $500,000.01 - $5,000,000

            0.90% p.a.

            0.00% p.a.

            0.90% p.a.

            $5,000,000.01+

            0.00% p.a.

            0.00% p.a.

            0.00% p.a.

            Source: RAMS

            Both of these banks cut interest rates in February as well, despite the Reserve Bank of Australia holding the cash rate steady that month. 

            On February 13, the Westpac Life total interest rate fell by 10 basis points from 1.65% p.a, while RAMS also reduced by 10 basis points on 28 February