Home News Which banks are lowering savings rates after the RBA's May rate cut?

Which banks are lowering savings rates after the RBA's May rate cut?

While homeowners celebrate another cut to the Reserve Bank of Australia cash rate in 2025, savers may not be quite as enthusiastic. Keep updated here on the latest changes to savings account interest rates.

By Denise Raward

First published on 20 May 2025

Fact Checked

Which banks are lowering savings rates after the RBA's May rate cut?

The Reserve Bank of Australia has made its second cut to the official cash rate for 2025, taking it to 3.85% after a previous cut in February.

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 20 May and are current as at the date noted below.

Article last updated: 29 May 2025

Key notes:

p.a. = per annum (interest paid over the period of a year)
Basis points: 1 basis point = 0.01%

ANZ

The standard rate on the online-only ANZ Save accounts will be cut by 0.25% p.a., effective 30 May.

The standard rate will fall to 0.15% p.a. (down from 0.40% p.a.) while the bonus rate remains at 4.35% p.a., taking the total rate to 4.50% p.a. for eligible customers (down from 4.75% p.a.).

ANZ Save is only available to customers with a linked ANZ Plus account.

Commonwealth Bank

Australia's biggest bank cut its savings account rates on 30 May, with cuts of up to 0.25% applying to all products.

The flagship five month introductory rate on the Netbank Saver drops by the full 0.25% to 4.65% p.a., while the standard rate drops by the same amount to 1.90% p.a.

The GoalSaver only had the headline rate cut by 0.20%, to a new top rate of 4.45% p.a. (made up of a 0.30% p.a. base rate and 4.15% p.a. bonus rate).

The Youthsaver saw the headline rate cut by 20 bps as well, to a new high of 4.55% p.a. including the bonus rate.

National Australia Bank

NAB has dropped the top rate on its NAB Reward Saver account by 0.25% p.a. to 4.40% p.a. (down from 4.65% p.a.) as of Friday 23 May.

The standard variable rate of 0.10% p.a. remains unchanged while the bonus rate has fallen to 4.30% p.a. (down from 4.55% p.a.).

The introductory rate on the NAB iSaver account has been cut by 0.25% p.a. to 4.65% p.a. (down from 4.90% p.a.).

The standard variable rate is now 1.50% p.a. (down from 1.75% p.a.) while the fixed bonus margin rate for four months remains at 3.15% p.a. (The fixed bonus margin is only available to customers who haven't held a NAB iSaver in the last 12 months on balances up to $20 million.)

Westpac

First-mover Westpac made the unusual move to cut its savings accounts rates before announcing changes to its home lending variable rates.

Effective Friday 30 May, the standard variable bonus rate on Westpac Life accounts will be cut 25 basis points to 4.10% p.a. (from 4.35% p.a.) while the standard variable rate will remain unchanged at 0.40% p.a.

That takes the total variable interest rate available to 4.50% p.a. (down from 4.75% p.a.).

The Westpac eSaver account will see its five-month introductory fixed rate drop to 3.15% p.a. (from 3.40% p.a.) while the standard variable rate will remain unchanged at 1.00% p.a.

For new online eSaver customers, the highest total variable rate (available for new eSaver accounts only) will drop to 4.50% p.a. (from 4.75% p.a.) with the online bonus rate remaining unchanged at 0.35% p.a.

The Spend&Save bonus rate for (18-29 year olds) has been boosted by 25 basis points to 0.50% p.a. (from 0.25% p.a.), with the headline rate remaining at 5.00% p.a.

Macquarie Bank

Macquarie has cut the rates on its Savings account, dropping the variable ongoing rate to 4.50% p.a. on balances up to $1 million, down 0.25% p.a. from the old rate of 4.75% p.a.

The variable welcome rate for four months on balances up to $250,000 has also been cut to 4.85% p.a., down from 5.10% p.a.

The rate for balances over $1 million is now 2.25% p.a., down from 2.50% p.a.

The changes took effect 23 May.

AMP Bank

The top rate on AMP Bank's Saver Account will drop 0.25% p.a. to 4.70% p.a. (down from 4.95% p.a.) on balances up to $500,000.

Rates on Cash Manager accounts will also be cut 0.25% p.a. to 4.50% p.a. (from 4.75% p.a.) on balances between $10,000.01 and $250,000 and to 3.85% p.a. (down from 4.10% p.a.) on balances between $250,000.01 and $5 million.

The SuperEdge Saver account standard variable rate will be cut to 2.70% p.a. (down from 2.95% p.a.) on all balances. The SuperEdge Cash account standard rate will fall to 0.50% p.a. (down from 0.75% p.a.) on all balances while the SuperEdge Pension account variable rate will drop to 0.10% p.a. (down from 0.35% p.a.) on all balances.

AMP's Notice Account products will also see 0.25% p.a. cuts to their interest rates.

All changes take effect 23 May.

Bank First

Bank First is cutting the interest rates on a range of its savings products by 0.25% p.a., effective 29 May.

From 1 June, the bonus interest rate on Bank First's Bonus Saver account will drop 0.25% p.a. to 4.05% p.a. (down from 4.30% p.a.) while the First Home Bonus Saver account will see its top rate drop to 4.10% (down from 4.35% p.a.).

Bank of Melbourne

Bank of Melbourne's Incentive Saver is holding its standard variable rate steady at 0.40% p.a. on entire account balances.

The bonus variable rate for total account balances below $250,000 will be cut to 4.25% p.a. (from 4.50% p.a.) with the total variable rate with online bonus (0.10% p.a.) for new customers dropping to 4.75% p.a. (down from 5.00% p.a.).

For customers with account balances $250,000 or more, the bonus variable rate falls to 4.10% p.a. (down from 4.35% p.a.) with the total variable rate with online bonus (0.10% p.a.) dropping to 4.60% p.a. (from 4.85% p.a.).

For Maxi Saver accounts, the standard variable rate will remain unchanged at 1,00% p.a. while the three-month introductory fixed rate drops to 3.30% p.a. (down from 3.55% p.a.).The three month online bonus rate remains unchanged at 0.35% p.a.

The total variable rate with online bonus for new Maxi Saver customers will drop to 4.65% p.a. (down from 4.90% p.a.).

All changes take effect 30 May.

Bank of Sydney

Bank of Sydney will change rates on its Business Saver and Controlled Money Trust Account products, effective 26 May.

Business Saver rates are as follows:

up to $9,999 - down 0.25% p.a. from 1.45% p.a. to 1.20% p.a.
$10,000-$24,000 - up 1.85% p.a. from 1.50% p.a. to 3.35% p.a.
$25,000 and over - down 0.25% p.a. from 3.60% p.a. to 3.35% p.a.

The Controlled Money Trust Account rate will drop 0.25% from 3.15% p.a. to 2.90% p.a.

The BOS Saver rate will remain at 4.00% p.a. on balances up to $5 million.

Bank of Us

Bank of Us savings accounts interest rates will be decreased by up to 0.25% p.a., effective 1 June. Customers will be notified via email.

BankSA

BankSA's Incentive Saver is holding its standard variable rate steady at 0.40% p.a. on entire account balances.

The total variable rate with online bonus for new Maxi Saver customers will drop to 4.65% p.a. (down from 4.90% p.a.).

All changes take effect 30 May.

Bendigo Bank

Bendigo Bank has dropped the top rate on its Reward Saver account by 0.25% p.a. to 4.30% p.a. (down from 4.55% p.a.) on balances up to $100,000 for eligible customers.

The interest rate on its Easy Saver account has also been dropped 0.25% p.a. to 3.15% p.a. (down from 3.40% p.a.).

The same cut and rate applies to Bendigo's PiggySaver account for children under 12.

Community First Bank

Community First has taken 0.25% p.a. from a range of its savings account products: Christmas Saver, Junior Saver, and Retirement Plus.

Defence Bank

Defence Bank has cut the bonus rate on its Max eSaver account by 0.25% p.a., bringing the top rate available down to 4.65% p.a.

The Salute account base variable rate has also been dropped 0.25% p.a. to 3.50% p.a., taking the top rate to 5.00% p.a. (Salute accounts are open to select ADF members who meet set criteria.)

The base rate on iSaver accounts will decrease by 0.25% p.a. to 0.75% p.a., giving a top rate of 4.65% p.a. for new accounts on balances up to $250,000.

Standard variable rates have also been cut by 0.25% p.a. to 4.50% p.a. on all junior accounts (Kids, Teens, and Cadets products).

The Retirement Savings account variable rate option for balances above $10,000 tier has been cut by 0.30% p.a., with a new rate of 1.15% p.a.

The changes were effective from 28 May.

Great Southern Bank

Great Southern has dropped its interest rates across its savings accounts products as of 21 May.

The top bonus rate on its Home Saver account is now 4.75% p.a. (down from 5.00% p.a.) while the top rate on its Everyday Saver account is 3.80% p.a. (down from 4.05% p.a.).

The top rate on the Goal Saver account for 18-24 year olds is 4.85% p.a. (down from 5.10% p.a.) while the top rate on the Youth eSaver account for customers up to 17 years old is now 5.00% p.a. (down from 5.25% p.a.) for balances up to $5,000.

Greater Bank

Greater Bank has cut the interest rate on its Bonus Saver account by 0.25% p.a. to 3.50% p.a. (down from 3.75% p.a.).

The rate on its Life Saver account, for under 25s, has also dropped 0.25% p.a. to 4.25% p.a. (down from 4.50% p.a.).

Horizon Bank

Horizon Bank will be reducing rates on most variable-rate deposit products by between 0.15-0.25% p.a. on 1 June.

The bank says it will not be reducing the interest rates on the following deposit accounts:

Teen Saver account
Super Saver (base rate)
Youth Reward (base rate)

Illawarra Credit Union

Rates on Illawarra Credit Union's deposit products will drop by 0.25% p.a. from 27 May.

IMB Bank

IMB Bank cut its Reward Saver rate 0.25%, down to a top rate of 4.75% p.a.

ING Bank

ING cut its Savings Maximiser top rate 0.40% (after a 0.10% cut in February) down to 5.00% p.a.

The base rate remains 0.05%, so its the bonus rate that's been slashed, down from 5.35% p.a. to 4.95% p.a.

Meanwhile, the Savings Accelerator was cut by 0.25%, taking the four month intro rate to 4.90% p.a. (on balances up to $500,000) and the ongoing rate to 4.20% p.a..

The changes will kick in on 2 June.

MyState Bank

MyState Bank has cut 0.25% p.a. from the rates for its Bonus Saver and Access Assist savings account products.

Its top savings account interest rate is now 4.50% p.a. for eligible Bonus Saver customers on balances up to $500,000.

Newcastle Permanent

Newcastle Permanent has decreased rates by 0.25% p.a. on a range of its savings accounts: its Online Saving, Smart Saver, and Special Monthly Interest accounts.

Its new highest rate is now its 4.75% p.a. (down from 5.00% p.a.), an introductory fixed bonus rate for three months on unlimited balances, with the rate reverting to 1.00% p.a. after that period.

Police Bank

U30 Super Charge interest rates will be cut by 0.25% to 4.75% p.a. (down from 5.00% p.a.), effective 27 May.

Some Savings Plus tiers will decrease by 0.25% p.a., effective 27 May, as follows:

Account balances $50,000-$99,000 will be 1.50% p.a.
Account balances $100,000-$249,000 will be 4.00% p.a.

The Bonus Saver bonus rate will drop by 0.25% to 4.00% p.a., effective 1 June. (Note: this cut applies to the bonus rate only.)

The rate on Easy Access Overdraft accounts will drop by 0.25% to 13.85% p.a., effective 1 June.

Qudos Bank

Qudos Bank has dropped the top rate on its Bonus Saver account by 0.25% p.a. to 4.25% p.a. (down from 4.50% p.a.).

The base rate of 0.05% will still apply to all balances while the bonus rate has dropped to 4.20% p.a. (down from 4.45% p.a.).

The rate on the QSaver account has also been cut by 0.25% p.a. to 3.85% p.a. (down from 4.10% p.a.) for balances under $500,000. The rate for balances over $500,000 is 3.95% p.a. (down from 4.20% p.a.).

Interest rates have also been cut by 0.25% p.a. on Qudos' Retirement Savings accounts. The rates paid depend on daily account balances.

Rabobank

The introductory rate on Rabobank's High Interest Savings Account has undergone a 0.30% chop to 5.15% p.a. (down from 5.45% p.a.) on balances up to $250,000 on Friday 23 May.

The standard variable rates are also 0.30% lower down to 3.70% p.a. on balances up to $250,000, 3.00% p.a. on balances between $250,001-$1 million, and 3.00% p.a. for balances over $1 million.

Notice Saver rates have also been cut by 0.30% across the board. The new rates follow:

Balance	31 days' rate	60 days' rate	90 days' rate
Up to $250,000	4.15% p.a.	4.20% p.a.	4.25% p.a.
$250,001 - $2 million	3.05% p.a.	3.10% p.a.	3.15% p.a.
$2 million plus	3.05% p.a.	3.10% p.a.	3.15% p.a.

Rates on PremiumSaver accounts have also been cut by 0.30% with the bonus rate for account balances up to $250,000 now 4.80% p.a. (down from 5.10% p.a.).

The bonus rate for balances between $250,001 to $1 million is now 3.30% p.a. (down from 3.60% p.a.) and 3.30% p.a. for balances over $1 million (down from 3.60% p.a.).

The standard variable rate has also been cut by 0.10% to 0.90% p.a. for all balances (down from 1.00% p.a.).

Regional Australia Bank

Regional Australia Bank has cut the top rate on its Savings Booster account by 0.25% p.a. to 4.50% p.a. (down from 4.75% p.a.) to eligible account holders on balances up to $250,000.

St George Bank

St George's Incentive Saver is holding its standard variable rate steady at 0.40% p.a. paid on all account balances.

For Incentive Saver accounts with total account balances below $250,000, the bonus variable rate will drop to 4.25% p.a. (down from 4.50% p.a.) while the total variable rate with online (0.10% p.a. bonus) will fall to 4.75% p.a. (from 5.00% p.a.).

For account balances of $250,000 or more, the bonus variable rate falls to 4.10% p.a. (down from 4.35% p.a.) while the total variable rate with online (0.10% bonus) for new customers will drop to 4.60% p.a. (from 4.85% p.a.).

Bonus variable rates apply to the total account balance.

On Maxi Saver accounts, the standard variable rate remains unchanged at 1.00% p.a. with the three month introductory fixed rate dropping to 3.30% p.a. (down from 3.55% p.a.). The three month online bonus rate remains unchanged at 0.35% p.a.

The total variable rate with online bonus for new Maxi Saver customers will drop to 4.65% p.a. (down from 4.90% p.a.).

All changes take effect 30 May.

Suncorp Bank

Suncorp has trimmed 0.20% p.a. from the top rates payable on its Growth Saver account and Kids Savings account products, as of 29 May.

The top rate, with bonus, on the Growth Saver account is now 4.55% p.a. while the best rate, with bonus, on the Kids Savings account is 3.95% p.a.

Ubank

Ubank's High Interest Savings Account is dropping its top bonus rate by 0.25% p.a. to 4.85% p.a. (down from 5.10% p.a.) on amounts up to $100,000.

The bonus interest rate on any combined savings between $100,000 up to $250,000 will also drop 0.25% p.a. to 4.40% p.a. (down from 4.65% p.a.).

Balances are calculated across multiple Save accounts.

The changes take effect from 27 May.

Unity Bank

Unity Bank has cut the rate on its MoneyMAX account by 0.30% p.a. to 4.05% p.a. (down from 4.35% p.a.).

The rate on its Pensioner Plus account has dropped by 0.25% p.a. to 3.50% p.a. (down from 3.75% p.a.).

The Christmas Saver account has been cut by 0.25% p.a. to 0.25% p.a., down from 0.50% p.a.

Unity's SMSF Account has also seen a 0.30% p.a. interest rate cut to 4.10% p.a. (down from 4.40% p.a.).

The interest rate on its highest interest savings account, the Bonus Saver account, remains unchanged at 4.40% p.a. for eligible account holders.

Up

Up Savers and 2Up Savers accounts will have the bonus interest rate cut by 0.25% p.a. to 3.85% p.a. (down from 4.10% p.a.) effective 1 June.

The base interest rate will remain at 0.00% p.a.

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Deposit amount

Compare

Provider	Base interest rate	Max interest rate	Total interest earned	Introductory Term	Minimum Amount	Maximum Amount	Account Keeping Fees	Min. Monthly Deposit	Min. Opening Deposit	Linked account required	ATM Access	EFTPOS Facility	as ofJune 1, 2025

	Bonus rate of 5.35%Rate varies on savings amount. 0.05^%_p.a.	5.40^%_p.a.	^$1,107		^$0	^$99,999	0	1000	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Savings Maximiser Deposit at least $1,000+ each month from an external source Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure
FEATURED Savings Maximiser Deposit at least $1,000+ each month from an external source Make 5 or more eligible transactions. Grow your savings balance each month More details Disclosure
	3.70^%_p.a.	Intro rate for 4 monthsthen 3.70% p.a. 5.15^%_p.a.	^$844	4	^$0	^$249,999	0	0	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	High Interest Savings Account (<$250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance
Disclosure
FEATURED High Interest Savings Account (<$250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance More details Disclosure
	Bonus rate of 4.85%Rate varies on savings amount. –	4.85^%_p.a.	^$992		^$0	^$99,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Save Account Deposit $500+ per month from an external source to earn the bonus interest. Tiered rates apply to savings balances.
Disclosure
FEATURED Save Account Deposit $500+ per month from an external source to earn the bonus interest. Tiered rates apply to savings balances. More details Disclosure
	4.50^%_p.a.	Intro rate for 4 monthsthen 4.50% p.a. 4.85^%_p.a.	^$933	4	^$0	^$99,999,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	Savings Account
Disclosure
Savings Account More details Disclosure

High Interest Savings Account (<$250k)

Product Features

Bonus rate for the first 4 months from account opening
No account keeping fees
No minimum balance

Total interest earned$844

3.70 % Base interest rate

5.15 % Max interest rate

Intro rate for

then

3.70%

More details

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Denise Raward

Denise Raward is a senior journalist with an interest in macroeconomics, property, and personal finances. She has worked extensively across mainstream media organisations and lectured at Queensland University of Technology, Griffith University, and Bond University. She holds a Bachelor of Business - Communication, a Master of Arts, and RG 146 financial certification in Generic Knowledge, Securities, and Regulation. Joining Savings.com.au in January 2024, Denise strives to deliver financial information in everyday language to help Australians to better understand how to manage their own – and their families' – ongoing financial health.

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Which banks are lowering savings rates after the RBA's May rate cut?

ANZ

Commonwealth Bank

National Australia Bank

Westpac

Macquarie Bank

AMP Bank

Bank First

Bank of Melbourne

Bank of Sydney

Bank of Us

BankSA

Bendigo Bank

Community First Bank

Defence Bank

Great Southern Bank

Greater Bank

Horizon Bank

Illawarra Credit Union

IMB Bank

ING Bank

MyState Bank

Newcastle Permanent

Police Bank

Qudos Bank

Rabobank

Regional Australia Bank

St George Bank

Suncorp Bank

Ubank

Unity Bank

Up

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Savings Maximiser

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High Interest Savings Account (<$250k)

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Denise Raward

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