These banks haven’t passed on a rate cut to savings accounts in July

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on July 26, 2019
These banks haven’t passed on a rate cut to savings accounts in July

Photo by Nadine Shaabana on Unsplash

Dozens of institutions have passed the two consecutive rate cuts onto their savings account products, hitting those who rely on earning interest to supplement their income.

Think of any major institution and the chances are they’ve passed on rate cuts to their savings accounts in successive months, whether it’s Commonwealth Bank, Westpac and NAB, ING or UBank, just to name a few.

After comparing more than 50 different savings account products and all the different rate cuts they’ve passed on, the average maximum interest rate is currently hovering at 1.63% p.a, an amount barely above the rate of inflation.

While most have cut their rates, there are a select few that haven’t, whether that’s because they’re waiting until later in the month to make changes, or because they aren’t cutting rates at all.’s research has found the following ‘market-leading’ (aka higher rate) institutions to have not passed on a second rate cut to their savings account interest rates this month:

  • Up Bank
  • MyState
  • RAMS

The table below shows the interest rates available from these three providers, who now lay claim to some of the highest interest rates around.

Total interest
rate p.a.
Base interest
rate p.a.
Bonus interest
rate p.a.
2.60% 0.80% 1.80% More details
2.55% 1.15% 1.40% More details
2.50% 0.50% 2.00% More details

*Data accurate as at 26 July 2019. Rates based on a savings balance of $10,000. Introductory bonus interest rate products not included. Sorted by total interest rate, then by provider name (A-Z). Refer to providers' websites for bonus rate conditions.

Up holds at 2.50% p.a.

One of Australia’s newest banks, Up, has decided it won’t be cutting rates at all in July, despite previously saying it wasn’t interested in what it called “rate chasers” – customers hopping from bank to bank as rates change.

Up Founder Dominic Pym told that customers could still earn a very competitive interest rate with Up, even with rates generally being quite low.

“Up didn’t pass on the most recent Reserve Bank of Australia interest rate cut to customers like most other banks did, so Up customers can still earn up to 2.50% return per annum on Up Savers,” he said.

“This remains a very competitive interest rate in the Australian marketplace.”

“Up delivers technology-led banking with world-class, best of breed technology supporting a low cost operating model, so we can pass on value to our customers.”

Per Up’s website, customers need to simply make five successful purchases in a month to earn this maximum interest rate, for amounts up to $50,000.

“At Up, we attract customers because we offer better products, better customer service, and a better customer experience,” he said.

“It’s the combination of excellence in all these areas that encourages customers to try Up, and then when they do try Up they love it and they get great Saver rates as well.”

MyState now one of the highest rates on the market

The MyState Bonus Saver account at a 2.60% p.a. maximum interest rate is one of the highest non-introductory rates on the market – for now.

MyState is yet to make a change to its savings accounts this month and as of yet, it’s unclear if it will.

But as things stand, this 2.60% p.a. is a highly competitive rate, and is available to customers who:

  • Deposit $20 or more in the account each month
  • Make five or more eligible purchases each month from a linked MyState transaction account

RAMS savings account rates

RAMS, which last month cut rates on savings accounts by 25 basis points, currently sits at 2.55% p.a. for its RAMS Saver account.

This is the maximum interest rate available for customers as long as they deposit at least $200 a month and make no withdrawals – a less flexible option than the previous two but a high rate nonetheless. has sought comment from RAMS owner Westpac as to whether it plans to cut rates by the end of the month.

Last week a Westpac spokesperson also told it would not be making changes to its Westpac Life product, which at 2.10% p.a. is the highest non-introductory rate offered by the big banks.

With Westpac remaining steadfast, it’s not unlikely RAMS will do the same.

With just a few days left in July, there’s still time for savings accounts to have their rates changed.

Some institutions have already announced they will be changing rates in August instead of July.

Other institutions offering lower-rate products that have also yet to make any changes to their savings accounts include:

  • Bank Australia (Bonus Saver)
  • Defence Bank (Max eSaver)
  • Bank of US (Stash n Splash)
  • AMP (Bett3r Save)
  • P&N Bank (SwiftSaver)

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William Jolly joined as a Financial Journalist in 2018, after spending two years at financial research firm Canstar. In William's articles, you're likely to find complex financial topics and products broken down into everyday language. He is deeply passionate about improving the financial literacy of Australians and providing them with resources on how to save money in their everyday lives.

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