Which banks are lowering savings rates after the RBA's August rate cut?
The Reserve Bank of Australia has made its third cut to the official cash rate for 2025, taking it to 3.60% after previous cuts in February and May.
The 25-basis point cut was widely anticipated but is not good news for savers looking for handsome interest on their savings accounts.
Savings.com.au will provide rolling updates to savings accounts rate changes in response to the RBA rate cut on 12 August.
Rates are current as at the date noted below.
Article last updated: 29 August 2025
Key notes:
p.a. = per annum (interest paid over the period of a year)
Basis points: 1 basis point = 0.01%
See also: The different types of savings account interest rates explained
Macquarie Bank
Just as Macquarie Bank was the first bank to cut its variable home loan interest rates, it was also the first to cut its variable deposit rates by 25 basis points, taking effect from 15 August.
New customers opening a Macquarie Savings Account will receive a four-month variable welcome rate of 4.60% p.a. from 15 August on balances up to $250,000 on their first account - down from 4.85% p.a.
As at 15 August, the ongoing variable rate will be 4.25% p.a. (down from 4.50% p.a.) on balances up to $2 million dollars.
This follows changes to Macquarie's interest rate tiers earlier this month, boosting the cap to $2 million from the old cap of $1 million.
Savings Account balances over $2 million will earn 2.00% p.a. (down from 2.25% p.a.).
See also: Quick Guide to Macquarie Bank Savings Account
Macquarie's new Transaction Account rate will be 2.00% p.a. on all balances, also effective from 15 August. (Announcement: 12 August 2025)
See also: What's the difference between savings accounts & transaction accounts?
Westpac
The Westpac Life total variable rate, with bonus interest, will decrease by 25 basis points to 4.25% p.a. (down from 4.50% p.a.), effective 22 August.
The standard variable base rate will remain at 0.40% p.a. while the standard variable bonus rate will drop to 3.85% p.a. (down from 4.10% p.a.).
The Westpac eSaver total variable rate, with five-month introductory rate, will drop by 25 basis points to 4.25% for new sole applicants applying online, effective 22 August.
The standard variable base rate will remain at 1.00% p.a., the five-month introductory rate will drop to 2.90% p.a. (down from 3.15% p.a.), while the online bonus rate will remain at 0.35% p.a.
The standard variable rate of 1.00% p.a. will apply after the five-month introductory period and will remain the rate for existing customers.
(Announcement: 12 August 2025)
CommBank
CommBank has dropped interest rates across its savings products, effective 22 August.
The maximum rate on its online NetBank Saver account has dropped to 4.45% p.a., down 0.20% p.a. from the old rate of 4.65% p.a.
The base rate has taken a hit of 0.35% p.a. and is now 1.55% p.a., down from 1.90% p.a. while the fixed bonus rate margin for the first five months on new NetBank Saver accounts is now 2.90% p.a. - 0.15% p.a. up on the old rate of 2.75% p.a.
The maximum rate on the GoalSaver account is now 4.25% p.a. on all balance amounts, 0.20% p.a. down from the old rate of 4.45% p.a.
The new rate is made up of a 0.25% p.a. standard variable rate (0.05% p.a. down on the old rate of 0.30% p.a.) and a 4.00% p.a. bonus variable interest rate (0.15% p.a. down on 4.15% p.a.). (Conditions apply.)
The Youthsaver account for under 18s will see the maximum rate drop 0.25% p.a. to 4.30% p.a., down from 4.55% p.a.
It will be made up of a standard variable rate of 1.90% p.a. (a 0.25% p.a. cut on the old rate of 2.15% p.a.) and an unchanged variable bonus interest rate of 2.40% p.a. for balances $50,000 and under.
No bonus interest will be paid on balances over $50,000. (Bonus interest conditions apply.)
(Announcement: 22 August 2025)
ANZ
ANZ has cut interest rates across its savings account products, effective 22 August.
The ANZ Plus Growth Saver now has a maximum rate of 4.25% p.a. (down 0.25% p.a. from 4.50% p.a.).
It's made up of a base rate of 0.05% p.a. (down 0.10% p.a. from 0.15% p.a.) and a bonus rate of 4.20% p.a. (down 0.15% p.a. from 4.35% p.a.). (Conditions apply.)
The optional Flex Saver add-on will now see Growth Saver customers earn 4.25% p.a. on their first $5,000 (down 0.25% p.a. on the old rate of 4.50% p.a.) and 1.25% p.a. for every dollar over $5,000 (down from 1.50% p.a.).
ANZ's Online Saver account will now pay a standard variable interest rate of 0.65% p.a., down 0.25% p.a. on the old rate of 0.90% p.a.
The Progress Saver account will have its maximum rate cut to 3.15% p.a., down 0.25% p.a. from the old rate of 3.40% p.a.
It's made up of an unchanged base interest rate of 0.01% p.a. and a bonus interest rate of 3.14% p.a. (down from 3.39% p.a.). (Conditions apply.)
ING
The popular ING Savings Maximiser will cut its highest variable rate by 20 basis points to 4.80% p.a. (down from 5.00% p.a.) for customers who meet the monthly eligibility criteria, taking effect from 19 August.
The standard variable rate will remain unchanged at 0.05% p.a. while the bonus variable rate will drop to 4.75% p.a. (down from 4.95% p.a.).
The Savings Accelerator standard variable rates will be cut as follows:
- Balances between $0 - $50,000 will be 2.10% p.a. (down from 2.35% p.a.)
- Balances between $50,000 - $149,999.99 will be 3.00% p.a. (down from 3.25% p.a.)
- Balances over $150,000 will be 3.95% p.a. (down from 4.20% p.a.)
The Savings Accelerator Kick Starter will keep its additional variable rate of 0.75% p.a. unchanged.
The kickstarter offer (a four-month introductory variable rate for new customers) for eligible Savings Accelerator customers will change as follows:
- Balances between $0 - $50,000 will be 2.85% p.a. (down from 3.10% p.a.)
- Balances between $50,000 - $149,999.99 will be 3.75% p.a. (down from 4.00% p.a.)
- Balances over $150,000 will be 4.70% p.a. (down from 4.95% p.a.)
See also: ING cuts savings account rates
(Announcement: 15 August 2025)
NAB
NAB has changed its deposit product interest rates, effective 15 August, as follows:
The maximum rate on the Reward Saver has been cut by 25 basis points to 4.10% p.a., down from 4.35% p.a. on all account balances.
The base rate remains unchanged at 0.10% p.a. with the new bonus rate of 4.00% p.a. (down from 4.25% p.a.). Conditions apply.
The maximum rate on NAB iSaver has been cut by 25 basis points to 4.40% p.a. (down from 4.65% p.a.).
The bonus rate will remain unchanged at 3.15% p.a. (for the first four months for customers who haven't held an iSaver account in the last 12 months) with the standard variable ongoing rate dropping to 1.25% p.a. (from 1.50% p.a.).
Rates paid on NAB Retirement accounts have dropped 20 basis points, as follows:
- Balances $1 - $9,999 - 0.15% p.a.
- Balances $10,000 - $49,999 - 0.95% p.a.
- Balances $50,000 - $249,999 - 1.45% p.a.
- Balances $250,000 and more - 1.60% p.a.
(Announcement: 15 August 2025)
Ubank
NAB-owned Ubank is retaining its four-month welcome rate of 5.00% p.a. on up to $1 million of combined balances of eligible Save accounts, (but says a shorter period may apply to shared accounts).
From 19 August, the ongoing everyday bonus rate will be 25 basis points lower at 4.35% p.a. (down from 4.60% p.a.) on account balances up to $1 million. (Conditions apply.)
Account balances over $1 million continue to earn 0.00% p.a. interest.
Last month, Ubank restructured its interest tiers and on 1 October will introduce a new balance growth condition on receiving the maximum interest rate.
(Announcement: 19 August 2025)
See also: Ubank cuts savings rate
Rabobank
Rabobank has cut interest rates across its savings products, effective 19 August.
The introductory rate on its High Interest Savings Account is now 5.00% - down from its market-leading rate of 5.15% p.a. - on balances up to $250,000.
The rate applies to new accounts for four months before dropping to the new standard rate of 3.45% p.a. (a 0.25% p.a. cut from 3.70% p.a.).
The introductory rate for new accounts is boosted to 1.55% p.a. (up 0.10% p.a. from 1.45% p.a.), equating to a 0.15% cut overall.
The maximum rate on the Premium Saver account is now 4.65% p.a. on balances up to $250,000, a 0.15% drop on the old rate of 4.80% p.a., while the bonus rate for higher amounts is 3.00% p.a. (Conditions apply.)
The Premium Saver base rate is now 0.60% p.a. (down 0.30% p.a. on the previous rate of 0.90% p.a.).
Variable rates have also dropped across Notice Saver accounts.
See also: Rabobank lowers popular savings rates
(Announcement: 19 August 2025)
AMP Bank
AMP Bank has announced cuts to variable rates across a range of its savings products, effective 15 August. (Announcement: 12 August 2025)
- AMP Bank GO Save - cut of 25 basis points on variable rates for balances between $0 - $5 million. Down to 4.25% p.a. (from 4.50% p.a.) for balances to $250,000; down to 3.50% p.a. (from 3.75% p.a.) for balances $250,000.01 - $5 million
See also: AMP launches 4.5% 'no catch' savings account
- AMP Saver - cut of 25 basis points on standard variable rate
- AMP Cash Manager - cut of 25 basis points p.a. on variable rates for balances between $10,000.01 - $5 million. Down to 4.25% p.a. (from 4.50% p.a.) for balances $10,000.01 - $250,000; down to 3.60% p.a. (from 3.85% p.a.) for balances $250,000.01 - $5 million
- AMP 31-day Notice Account - cut of 25 basis points p.a. on variable rates
- AMP 31-day Notice Account Financial - cut of 25 basis points p.a. on variable rates
- AMP 6-month Notice Account - cut of 25 basis points p.a. on variable rates
- AMP 6-month Notice Account Financial - cut of 25 basis points p.a. on variable rates
AMP has also announced variable rate changes to its Business and SMSF deposit products, all effective 15 August.
Australian Unity
Australian Unity has dropped ongoing variable interest rates by 0.25% p.a. on its no-conditions Freedom Saver account, as follows:
- 4.35% p.a. for balances up to $50,000 (down from 4.60% p.a.)
- 4.25% p.a. for balances $50,000-$250,000 (down from 4.50% p.a.)
- 3.50% p.a. for balances $250,000-$500,000 (down from 3.75% p.a.)
- 3.00% p.a. for balances $500,000-$5 million (down from 3.25% p.a.)
The rate paid is determined by the entire balance, not the portion of the balance that falls beyond the tier cut-off. As such, when the balance increases to the next tier, you will receive that interest rate on the entire balance. (Available to new customers.)
Bank of Queensland
BoQ is reducing variable interest rates on savings and deposit products from 15 August. (Announcement: 13 August 2025)
The highest rate on the Smart Saver account for customers aged 36+ is now 4.60% p.a. (down from 4.75% p.a.) on balances up to $250,000. (Conditions apply.)
BoQ's Future Saver Account for customers aged 14-35 will see its top rate cut to 4.85% p.a. (down from 5.10% p.a.) on balances up to $50,000. (Conditions apply.)
Bendigo Bank
Bendigo Bank will be cutting some at call deposit products by 25 basis points from 20 August.
The maximum rate on the online-only Reward Saver account will drop to 4.05% p.a., including the unchanged base rate of 0.10% p.a. on balances up to $100,000. (Conditions apply.)
The rate on the EasySaver and PiggySaver accounts will fall to 2.80% p.a. (down from 3.05% p.a.).
The Easy Retirement Account will see the following interest rate changes:
- Balances $0 - $9,999.99 - 0.35% p.a. (unchanged)
- Balances $10,000 - $49,999.99 - 0.95% p.a. (down from 1.20% p.a.)
- Balances $50,000 - $249,999.99 - 1.45% p.a. (down from 1.70% p.a.)
- Balances $250,000 and above - 1.75% p.a. (down from 2.00% p.a.)
ME Bank
Bank of Queensland's wholly owned subsidiary ME Bank is reducing interest rates on savings and deposit products from 15 August. (Announcement: 13 August 2025)
The highest rate on the HomeME savings account is now 4.60% p.a. (down from 4.85% p.a.) on balances up to $100,000. (Conditions apply.)
The highest rate on the SaveME account is now 3.60% p.a. (down from 3.85% p.a.) on balances up to $500,000. (Conditions apply.)
Virgin Money
Another Bank of Queensland-owned subsidiary Virgin Money will reduce the bonus interest on its Boost Saver account by 25 basis points from 17 September. (Announcement: 13 August 2025)
This will reduce the highest variable base and bonus interest rate available to 4.20% p.a. (down from 4.45% p.a.) when monthly conditions are met. (A further 0.30% p.a. applies when the Lock Saver feature is activated.)
Bank of Melbourne, BankSA, St George
The Westpac subsidiaries: Bank of Melbourne, BankSA, and St George are changing interest rates, effective 22 August. (Announcement: 12 August 2025)
The bonus rate on Incentive Saver will drop 25 basis points to 4.00% p.a. (from 4.25% p.a.) for account balances up to $250,000. With the base rate unchanged at 0.40% p.a., the highest total variable rate will be 4.40% p.a. (down from 4.65% p.a.) on balances below $250,000.
For account balances greater than $250,000, the bonus rate will drop 25 basis points to 3.85% p.a. (down from 4.10% p.a.), taking the highest rate available to 4.25% p.a. (down from 4.50% p.a.). (Bonus conditions apply and rates stated apply to the total account balance.)
The three-month introductory fixed rate on the Maxi Saver account will be cut by 25 basis points to 3.05% p.a. (down from 3.30% p.a.) for new customers. The standard variable rate will remain unchanged at 1.00% p.a. while the three-month online bonus rate of 0.35% p.a. will also remain unchanged.
The highest total variable rate (with online bonus), for new customers only, will be 4.40% p.a. (down from 4.65% p.a.).
Bank of Sydney
Bank of Sydney is changing deposit product interest rates, effective 1 September. (Announcement: 14 August 2025). They are:
- Controlled Money Trust Account - cut by 25 basis points to 2.90% p.a. (from 3.15% p.a.)
- BOS Saver - unchanged rate of 4.00% p.a. for balances between $0 - $1 million; 0.00% p.a. for balances $1 million-plus. (Rates will be calculated on each balance tier, based on account balance.)
Some rates have also been cut on Bank of Sydney's Business Saver product.
Community First Bank
Selected savings accounts interest rates will be cut by up to 25 basis points, taking effect 21 August. Bonus Saver rate changes will take effect 1 September.
(Announcement: 14 August 2025)
Great Southern Bank
The highest rate on the Home Saver Account is now 4.50% p.a. (down from 4.75% p.a.) on balances up to $100,000. (Conditions apply.)
The base rate remains at 0.50% p.a. with the bonus rate dropping to 4.00% p.a. (from 4.25% p.a.).
The maximum rate on the Goal Saver Account is now 4.60% p.a. (down from 4.85% p.a.).
This is now made up of an unchanged base rate of 0.50% p.a. and a bonus rate of 4.10% p.a. (down from 4.35% p.a.) on balances up to $50,000. (Conditions apply.)
The maximum rate on the Future Saver Account is now 4.10% p.a. with a base rate of 0.10% p.a. and a bonus rate of 4.00% p.a. on balances up to $500,000 and 2.65% p.a. on amounts over $500,000 for new and existing customers. (Conditions apply.)
The top rate on the Everyday Saver is 3.55% p.a. for account balances up to $750,000 and 0.00% p.a. for amounts over $750,000.
The top rate on the Youth eSaver Account for newborns to 17-year-olds is 4.75% p.a. on balances up to $5,000 and 1.00% p.a. for amounts over $5,000.
(Rates dropped: 15 August 2025)
Newcastle Permanent
Newcastle Permanent is cutting interest rates on its savings products, effective 18 August.
The new top rate on its Online Savings Account is now 4.45% p.a. (down from 4.70% p.a.), made up of a 1.00% p.a. base rate and an introductory fixed bonus rate of 3.45% p.a. for the first three months. Other conditions apply.
The top rate paid on the Smart Saver Account is now 3.75% p.a. for all balances, made up of a 0.05% p.a. standard rate and a 3.70% p.a. bonus rate. Conditions apply.
The Smart Saver Youth Account for customers aged under 25 has lowered bonus interest rates on all balance tiers, as follows:
- $0 - $50,000 - 4.45% p.a. (maximum rate of 4.50% p.a.)
- $50,000 - $100,000 - 4.20% p.a. (maximum rate of 4.25% p.a.)
- $100,000 - $250,000 - 4.20% p.a. (maximum rate of 4.25% p.a.)
- $250,000 and over - 3.95% p.a. (maximum rate of 4.00% p.a.)
The base rate remains unchanged at 0.05% p.a. Bonus conditions apply.
Interest rates on Special Monthly Interest transaction accounts are now as follows:
- $0 - $9,999 - 0.01% p.a. (unchanged)
- $10,000 - $49,999 - 0.70% p.a.
- $50,000 - $249,999 - 1.30% p.a.
- $250,000 and over - 1.60% p.a.
Police Bank
Police Bank is reducing rates on the following products (announcement: 12 August 2025):
U30 Super Charge rates will be cut by 25 basis point to 4.50%, effective 22 August.
Some Savings Plus tiers will be cut by 25 basis points, effective 22 August.
- Accounts with balances $50,000 to $99,999 will be 1.25% p.a.
- Accounts with balances $100,000 to $249,999 will be 3.75% p.a.
Bonus Saver (bonus rate only) will be decreasing by 25 basis points to 3.75% p.a., effective 1 September. (Rates for each balance tier apply to the entire account balance, up to the limits stated.)
Up
Up's Grow & Flow has dropped its maximum interest rate by 25 basis points to 4.60% p.a. (down from 4.85% p.a.) on balances up to $250,000, effective 15 August. (Announcement: 15 August 2025)
Up had previously announced its Everyday and 2Up savings accounts would be changing to a new interest rate structure from 1 September.
Under the new structure, the 'Grow' rate will be 4.60% p.a. and the Flow rate will be 1.25% p.a. (down from the 1.50% p.a. originally announced). (Conditions apply. A rate of 0.00% p.a. applies if conditions aren't met.)
Bankwest
Bankwest reduced the intro rate on its Easy Saver Account by 35 basis points to 4.80% p.a. on balances up to $250,000, effective 26 August. However, the ongoing rate on this account has been increased by 40 basis points to 4.00% p.a.
Notably, Bankwest had left the Easy Saver intro rate unchanged at 5.15% p.a. following the May RBA cash rate cut.
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| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
0.05% p.a. Bonus rate of 5.30% Rate varies on savings amount. | 5.35% p.a. | $1,097 | – | $0 | $249,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
2.25% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.00% p.a. Intro rate for 4 months then 5.40% p.a. | $1,134 | 4 months | $0 | $499,999 | $0 | $0 | $0 | Promoted | Disclosure | |||||||||
4.00% p.a. | 5.90% p.a. Intro rate for 4 months then 4.00% p.a. | $936 | 4 months | $0 | $249,999 | $0 | $1 | $0 | Disclosure |
