Banks passing on the August RBA cut on savings accounts
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.
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
