Death by a thousand cuts: NAB, Westpac, ANZ, CommBank cut savings rates ahead of RBA decision

Photo by Luke White on Unsplash

Interest rates on savings accounts are on the chopping block as the banks prepare for a potential Melbourne Cup RBA rate cut.

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.

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)

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