Savings rates are horrible…and getting worse

- January 24, 2020 2 MIN READ

NAB has cut the introduction rate on its iSaver account by 0.15 per cent and on its Reward Saver account by 0.11 per cent.

It doesn’t sound much but when savings account returns are so low to start with it is quite a hit… particularly when there has been no change to official interest rates. 

According to RateCity, the returns from the Big Four Banks standard savings accounts are;  

Bank Product Name Base Rate Intro Rate Max Rate Intro Term (months)
CBA Net Bank Saver 0.10% 1.55% 1.65% 4
Westpac eSaver 0.10% 1.56% 1.66% 5
NAB iSaver 0.11% 1.44% 1.55% 4
ANZ Online Saver 0.10% 1.50% 1.60% 3

Note: Max rate is the base and bonus added together

These accounts have no ongoing terms and conditions. They typically include an introductory period which offers bonus interest for several months, before dropping to a low ongoing rate.

Then there are the conditional savings accounts which require you to meet certain terms and conditions, such as one deposit a month and no withdrawals, in order to qualify for the bonus interest that month.

Bank Product Base Rate Bonus Rate Max Rate Conditions
CBA Goal Saver 0.01% 0.89% 0.90% Mthly deposit of $200, no withdraw
Westpac Life 0.45% 1.20% 1.65% Mthly deposit, account balance must have increased
NAB Reward Saver 0.11% 1.39% 1.50% Mthly deposit, no withdraw
ANZ Progress Saver 0.01% 1.59% 1.60% Min mthly deposit of $10, no withdraw

Note: Note: Max rate is base and bonus added together

Rates based on balances less than $50,000. CBA offers higher rates for larger deposits.

Highest ongoing savings rates on


Bank Max rate Conditions
Xinja 2.25% Must have linked bank account
Up 2.25% 4 card purchases from everyday acct
86 400 2.25% Deposit of $1000 in everyday acct
BOQ 2.15% Deposit of $1000 in everyday acct
UBank 2.10% Deposit of $250 in transaction acct

Note: excludes kids savers and introductory rates.

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