Finder makes money from featured partners, but editorial opinions are our own.

Banks passing on the August RBA cut on savings accounts


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, 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.

BankProduct ChangeNew rate (p.a.)Effective date
NABBusiness Cash Maximiser SMSF+0.50%2.05%Monday 1 August 2016
NAB8 month Term Deposit+0.85%2.90% Monday 8 August 2016
Greater Bank2 Year Term Deposit-0.10%2.90%Monday 1 August 2016
Commbank12 month Term Deposit ($50,000 to $1,999,999)+0.55%3.00%Friday 19 August 2016
ANZ1 Year Advance Notice Term Deposit+0.60%3.00%Friday 5 August 2016
ANZ2 Year Advance Notice Term Deposit+0.75%3.20%Friday 5 August 2016
Westpac1 Year Term Deposit+0.55%3.00%Monday 8 August 2016
Westpac2 Year Term Deposit+0.45%3.10%Monday 8 August 2016
Westpac3 Year Term Deposit+0.55%3.20%Monday 8 August 2016
St.George1 Year Term Deposit+0.55%3.00%Monday 8 August 2016
St.George2 Year Term Deposit+0.40%3.10%Monday 8 August 2016
St.George3 Year Term Deposit0.45%3.20%Monday 8 August 2016
BankSA1 Year Term Deposit+0.55%3.00%Monday 8 August 2016
Bank of Melbourne1 Year Term Deposit+0.55%3.00%Monday 8 August 2016
RateSetter1 Year Market Rate+1.80%4.90%Wednesday 3 August 2016
Macquarie BankCash Management Account-1.40%0.25%Thursday 4 August 2016
Macquarie BankCash XL Account-1.35%0.30%Thursday 4 August 2016
Macquarie BankSavings Account-1.65%1.25%Thursday 4 August 2016
BankwestTeleNet+0.25%3.00%Tuesday 9 August 2016
Bankwest3 Month Term Deposit+0.10%3.00%Tuesday 9 August 2016
Bankwest12 Month Term Deposit+0.15%3.00%Tuesday 9 August 2016
Bank of SydneyEveryday Saver Account ($0-$50,000)-0.25%1.35%Thursday 4 August 2016
Bank of SydneyEveryday Saver Account ($50,000+)-0.25%0.60%Thursday 4 August 2016
Bank of Sydney3 month Term Deposit ($1,000-$9,999)-0.25%1.60%Thursday 4 August 2016
Bank of Sydney3 month Term Deposit ($50,000-$99,999)-0.25%2.10%Thursday 4 August 2016
Bank of Sydney12 month Term Deposit ($1,000-$9,999)-0.25%1.80%Thursday 4 August 2016
Bank of Sydney12 month Term Deposit ($50,000-$99,999)-0.25%2.40%Thursday 4 August 2016
Newcastle Permanent12 month Term Deposit ($1,000-$4,999)+0.50%2.50%Monday 8 August 2016
IMB4 Year Term Deposit ($5,000 -$24,999.99)-0.10%2.80%Friday 5 August 2016
RAMSRAMS Saver (up to $250,000)No change3.15%N/A
Bank of Queensland1 Year Term Deposit (For amounts less than $250,000)+0.30%3.05%Tuesday 9 August 2016
INGSavings Maximiser-0.25%1.75%Friday 5 August 2016
INGING Savings Accelerator (up to $49,999.99)-0.25%1.50%Friday 5 August 2016
ING3 month Term Deposit-0.10%2.20%Friday 5 August 2016
ING12 month Term Deposit+0.55%3.05%Friday 5 August 2016
UBankUSaver Ultra bonus+0.25%2.87%Monday 8 August 2016
UBankUSaver Ureach-0.25%2.31%Monday 8 August 2016
UBankUSaver SMSF-0.28%2.03%Monday 8 August 2016
BankwestTeleNet Saver-0.25%3.00%Monday 8 August 2016
Bendigo BankBendigo Student Account ($5,000+)-0.25%0.50%Friday 12 August 2016
Bendigo BankBendigo Bank EasySaver-0.25%1.25%Friday 12 August 2016
Bank of QueenslandWebSavings (base rate)-0.25%1.55%Tuesday 9 August 2016
ANZProgress Saver (base rate)-0.25%2.01%Thursday 11 August 2016
UBank3 Month Term DepositNo change3.11%Thursday 11 August 2016
UBank6 Month Term Deposit-0.10%3.01%Thursday 11 August 2016
UBank12 Month Term DepositNo change2.96%Thursday 11 August 2016
RaboDirect3 Month Term Deposit-0.152.40%Thursday 11 August 2016
RaboDirect6 Month Term DepositNo change2.65%Thursday 11 August 2016
RaboDirect12 Month Term DepositNo change270%Thursday 11 August 2016
RaboDirectPremium Saver (up to $250,000)-0.252.55%Thursday 11 August 2016
Rural Bank9 Month Term Deposit ($5,000 to $24,999)-1.501.25%Thursday 11 August 2016
Qudos BankQSaver ($500,00+)-0.152.00%Monday 22 August 2016
Qudos Bank1 Year Term Deposit ($10,000+)+0.203.00%Monday 22 August 2016

Picture: Shutterstock

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our 1. Terms Of Service and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site