Macquarie, Westpac, BOQ just cut savings rates – time to compare?
Many banks are dropping savings rates, but it's not all bad news.
Macquarie Bank, along with several other banks, has confirmed it will be cutting the interest rate offered on its popular savings account by 25 basis points, in line with the latest RBA rate cut in August.
The Macquarie Savings Account will drop its variable intro rate from 4.85% p.a. down to 4.60% p.a. as of 15 August 2025.
This intro rate is available to new accounts for the first 4 months, on balances up to $250,000.
It will also drop its ongoing variable rate from 4.50% p.a. to 4.25% p.a. (this is the rate you get after the intro period ends).
There are also no conditions to meet to earn this ongoing variable rate, and it'll be available on balances up to $2 million.
Westpac also announced its Westpac Life total variable rate and Westpac eSaver rate will drop by 25 basis points. Bank of Queensland will also drop savings rates by 25 basis points from 15 August.
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Is it time to switch?
Interest rate cuts to savings accounts are never good news for customers, as it means you'll be earning less interest on your balance.
However this cut by Macquarie doesn't necessarily mean it's time to jump ship to another account.
Yes, there are several high interest savings accounts that pay a higher interest rate, but these all come with conditions to meet.
In comparison, you don't need to do anything to get Macquarie's interest rate.
Plus, it pays interest on very large balances of up to $2 million. Other popular accounts often only pay bonus interest on the first $100,000 (of even less).
Here are a few accounts with leading rates at the moment:
1. Bank of Queensland Future Saver Account
Earn an ongoing 5.10% p.a. on balances up to $50,000 when you deposit $1000 and make 5 transactions during the month from the linked Bank of Queensland transaction account. You also need to be aged between 14 and 35.
2. ING Savings Maximiser
Earn an ongoing 5.00% p.a. on balances up to $100,000. To earn this rate you need to deposit $1000 a month, grow your balance during the month and make 5 transactions from your ING Orange Everyday Account.
3. Virgin Money Boost Saver
Earn an ongoing 5.00% p.a. on balances up to $250,000 when you deposit $1000 per month, make 5 debit purchases and enable the Lock Saver feature.
4. MOVE Bank Growth Saver
Earn an ongoing 5.00% p.a. on balances up to $25,000 when you deposit $200 per month and make no withdrawals.
It's also worth noting that if the RBA cuts the cash rate next month, some (or all) of these accounts are quite likely to cut their bonus rates too.
If these accounts aren't right for you, check out a full list of high interest savings accounts to find one that better suits your savings style.
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