Banks passing on the August RBA cut on savings accounts

Shirley Liu 2 August 2016 NEWS

rba cash rate

Can you still get a good interest rate on your savings account? Full details on every bank that has announced rate changes.

See which banks have passed on the rate cut on savings

Australia's official RBA cash rate is now at another record low, 1.50%. Unlike the last rate cut in May, finder.com.au did not see a number of banks announcing reduced rates for savings accounts ahead of the official announcement.

This month's rate cut has been particularly interesting with our panel of experts divided about the first home owner grant. When asked about their view on the grant, 69% of experts said it's time to review or abolish these schemes.

Experts have also been divided on whether a rate cut will actually have a positive impact on the Australia economy, claiming rate cuts should be saved for when housing really turns down.

Screenshot 2016-08-02 09.47.22

Savings account interest rates are not made within moments of the RBA announcement, unlike home loan rates. Though borrowers have been warned to not expect a full cut from their banks.

For investors, RateSetter announced market rates for each RateSetter lending market:

We'll be updating the page as additional banks make changes, so keep checking regularly.

Banks with announced and implemented changes below

The following table monitors rate updates implemented by banks following the August RBA announcement on Tuesday 2 August and up until Monday 15 August, 2016.

Bank Product Change New rate (p.a.) Effective date
NAB Business Cash Maximiser SMSF +0.50% 2.05% Monday 1 August 2016
NAB 8 month Term Deposit +0.85% 2.90% Monday 8 August 2016
Greater Bank 2 Year Term Deposit -0.10% 2.90% Monday 1 August 2016
Commbank 12 month Term Deposit ($50,000 to $1,999,999) +0.55% 3.00% Friday 19 August 2016
ANZ 1 Year Advance Notice Term Deposit +0.60% 3.00% Friday 5 August 2016
ANZ 2 Year Advance Notice Term Deposit +0.75% 3.20% Friday 5 August 2016
Westpac 1 Year Term Deposit +0.55% 3.00% Monday 8 August 2016
Westpac 2 Year Term Deposit +0.45% 3.10% Monday 8 August 2016
Westpac 3 Year Term Deposit +0.55% 3.20% Monday 8 August 2016
St.George 1 Year Term Deposit +0.55% 3.00% Monday 8 August 2016
St.George 2 Year Term Deposit +0.40% 3.10% Monday 8 August 2016
St.George 3 Year Term Deposit 0.45% 3.20% Monday 8 August 2016
BankSA 1 Year Term Deposit +0.55% 3.00% Monday 8 August 2016
Bank of Melbourne 1 Year Term Deposit +0.55% 3.00% Monday 8 August 2016
RateSetter 1 Year Market Rate +1.80% 4.90% Wednesday 3 August 2016
Macquarie Bank Cash Management Account -1.40% 0.25% Thursday 4 August 2016
Macquarie Bank Cash XL Account -1.35% 0.30% Thursday 4 August 2016
Macquarie Bank Savings Account -1.65% 1.25% Thursday 4 August 2016
Bankwest TeleNet +0.25% 3.00% Tuesday 9 August 2016
Bankwest 3 Month Term Deposit +0.10% 3.00% Tuesday 9 August 2016
Bankwest 12 Month Term Deposit +0.15% 3.00% Tuesday 9 August 2016
Bank of Sydney Everyday Saver Account ($0-$50,000) -0.25% 1.35% Thursday 4 August 2016
Bank of Sydney Everyday Saver Account ($50,000+) -0.25% 0.60% Thursday 4 August 2016
Bank of Sydney 3 month Term Deposit ($1,000-$9,999) -0.25% 1.60% Thursday 4 August 2016
Bank of Sydney 3 month Term Deposit ($50,000-$99,999) -0.25% 2.10% Thursday 4 August 2016
Bank of Sydney 12 month Term Deposit ($1,000-$9,999) -0.25% 1.80% Thursday 4 August 2016
Bank of Sydney 12 month Term Deposit ($50,000-$99,999) -0.25% 2.40% Thursday 4 August 2016
Newcastle Permanent Building Society 12 month Term Deposit ($1,000-$4,999) +0.50% 2.50% Monday 8 August 2016
IMB 4 Year Term Deposit ($5,000 -$24,999.99) -0.10% 2.80% Friday 5 August 2016
RAMS RAMS Saver (up to $250,000) No change 3.15% N/A
Bank of Queensland 1 Year Term Deposit (For amounts less than $250,000) +0.30% 3.05% Tuesday 9 August 2016
ING Savings Maximiser -0.25% 1.75% Friday 5 August 2016
ING ING Savings Accelerator (up to $49,999.99) -0.25% 1.50% Friday 5 August 2016
ING 3 month Term Deposit -0.10% 2.20% Friday 5 August 2016
ING 12 month Term Deposit +0.55% 3.05% Friday 5 August 2016
UBank USaver Ultra bonus +0.25% 2.87% Monday 8 August 2016
UBank USaver Ureach -0.25% 2.31% Monday 8 August 2016
UBank USaver SMSF -0.28% 2.03% Monday 8 August 2016
Bankwest TeleNet Saver -0.25% 3.00% Monday 8 August 2016
Bendigo Bank Bendigo Student Account ($5,000+) -0.25% 0.50% Friday 12 August 2016
Bendigo Bank Bendigo Bank EasySaver -0.25% 1.25% Friday 12 August 2016
Bank of Queensland WebSavings (base rate) -0.25% 1.55% Tuesday 9 August 2016
ANZ Progress Saver (base rate) -0.25% 2.01% Thursday 11 August 2016
UBank 3 Month Term Deposit No change 3.11% Thursday 11 August 2016
UBank 6 Month Term Deposit -0.10% 3.01% Thursday 11 August 2016
UBank 12 Month Term Deposit No change 2.96% Thursday 11 August 2016
RaboDirect 3 Month Term Deposit -0.15 2.40% Thursday 11 August 2016
RaboDirect 6 Month Term Deposit No change 2.65% Thursday 11 August 2016
RaboDirect 12 Month Term Deposit No change 270% Thursday 11 August 2016
RaboDirect Premium Saver (up to $250,000) -0.25 2.55% Thursday 11 August 2016
Rural Bank 9 Month Term Deposit ($5,000 to $24,999) -1.50 1.25% Thursday 11 August 2016
Qudos Bank QSaver ($500,00+) -0.15 2.00% Monday 22 August 2016
Qudos Bank 1 Year Term Deposit ($10,000+) +0.20 3.00% Monday 22 August 2016

Picture: Shutterstock

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