Westpac and St.George among first banks to cut savings account rates – has yours?
Some customers will earn less interest on their savings accounts following today's cash rate cut.
Westpac Group banks are the first to confirm cuts to their savings account rates following the RBA's cut to the cash rate today.
Westpac, St.George, Bank of Melbourne and Bank SA customers will see their savings account rate drop by 25 basis points on 28 February this year.
FULL LIST: February and March 2025 savings account rate cuts
| Savings Account | Old maximum rate | New maximum rate | When |
|---|---|---|---|
| Westpac Life | 5.00% | 4.75% | 28 Feb 25 |
| Westpac eSaver | 5.00% | 4.75% | 28 Feb 25 |
| St.George Incentive Saver | 5.25% | 5.00% | 28 Feb 25 |
| Bank of Melbourne Incentive Saver | 5.25% | 5.00% | 28 Feb 25 |
| BankSA Incentive Saver | 5.25% | 5.00% | 28 Feb 25 |
| St.George Maxi Saver | 5.15% | 4.90% | 28 Feb 25 |
| Bank of Melbourne Maxi Saver | 5.15% | 4.90% | 28 Feb 25 |
| BankSA Incentive Maxi Saver | 5.15% | 4.90% | 28 Feb 25 |
| Bank First Bonus Saver | 4.55% | 4.30% | 1 Mar 25 |
| Bank First First Home Bonus Saver | 4.60% | 4.35% | 1 Mar 25 |
| ME SaveME Savings Account | 4.25% | 4.10% | 21 Feb 25 |
| ME HomeME Savings Account | 5.25% | 5.00% | 21 Feb 25 |
| AMP Saver Account | 5.20% | 4.95% | 21 Feb 25 |
| AMP Business Saver Account | 4.25% | 4.00% | 21 Feb 25 |
| AMP Cash Manager | 5.00% | 4.75% | 21 Feb 25 |
| AMP SuperEdge Saver Account | 4.65% | 4.40% | 21 Feb 25 |
| AMP SuperEdge Cash Account | 1.00% | 0.75% | 21 Feb 25 |
| AMP SuperEdge Pension Account | 0.60% | 0.35% | 21 Feb 25 |
| Bank of Queensland Smart Saver Account - 36+ years | 5.15% | 4.90% | 21 Feb 25 |
| Bank of Queensland Simple Saver Account | 4.85% | 4.55% | 21 Feb 25 |
| Bank of Queensland Future Saver Account - 14 to 35 years | 5.50% | 5.25% | 21 Feb 25 |
| Bank of Queensland Kids Savings Account | 2.75% | 2.50% | 21 Feb 25 |
| Bank of Queensland Superannuation Savings Account | 3.50% | 3.15% | 21 Feb 25 |
| Bank of Queensland Business Performance Saver Account | 1.85% | 1.35% | 21 Feb 25 |
| Newcastle Permanent Special Monthly Interest Account | 2.00% | 1.90% | 24 Feb 25 |
| Newcastle Permanent Online Savings Account | 5.20% | 5.00% | 24 Feb 25 |
| Newcastle Permanent Smart Saver Account | 4.50% | 4.25% | 24 Feb 25 |
| Newcastle Permanent Business Cash Management Account | 0.90% | 0.65% | 24 Feb 25 |
| Greater Bank Bonus Saver | 4.00% | 3.75% | 24 Feb 25 |
| Greater bank life saver | 4.75% | 4,50% | 24 Feb 25 |
| Greater Bank Retirement Plus | 2.40% | 2.20% | 24 Feb 25 |
| NAB Reward Saver | 5.00% | 4.75% | 21 Feb 25 |
| NAB iSaver | 5.00% | 4.75% | 21 Feb 25 |
| NAB Retirement Account | 2.15% | 2.00% | 21 Feb 25 |
| Suncorp Bank Growth Saver Account | 5.05% | 4.80% | 27 Feb 25 |
| Bank of Sydney BOS Saver | 4.25% | 4.00% | 24 Feb 25 |
| Bank of Sydney Business Saver Account | 3.85% | 3.60% | 24 Feb 25 |
| Virgin Money Boost Saver | 5.35% | 5.00% | 21 Feb 25 |
| Virgin Money Boost Saver (25+ year olds) | 5.35% | 5.00% | 21 Feb 25 |
| Australian Mutual Bank Savings Motivator Account | 4.65% | 4.40% | 1 Mar 25 |
| Australian Mutual Bank Pensioner Aware | 2.20% | 2.00% | 1 Mar 25 |
| Australian Mutual Bank iNet Saver Account | 2.55% | 2.30% | 1 Mar 25 |
| Australian Mutual Bank Business iNet Saver Account | 2.55% | 2.30% | 1 Mar 25 |
| Australian Mutual Bank Young Saver Account | 5.50% | 5.25% | 1 Mar 25 |
| Bank of Sydney BOS Saver | 4.25% | 4.00% | 24 Feb 25 |
| Bank of Sydney Business Saver Account | 3.85% | 3.60% | 24 Feb 25 |
| Greater Bank Bonus Saver | 4.00% | 3.75% | 24 Feb 25 |
| Greater Bank Life Saver | 4.75% | 4.50% | 24 Feb 25 |
| Greater Bank Retirement Plus | 2.40% | 2.20% | 24 Feb 25 |
| Credit Union SA 55+ Account | 2.30% | 2.05% | 25 Feb 25 |
| Credit Union SA Netsave Account | 5.25% | 5% | 25 Feb 25 |
| Credit Union SA Bonus Savings Account | 3.50% | 3.25% | 25 Feb 25 |
| Teachers Mutual Bank Essential Saver | 4.25% | 4% | 1 Mar 25 |
| Unibank Essential Saver | 4.25% | 4% | 1 Mar 25 |
| Firefighters Mutual Bank Essential Saver | 4.25% | 4% | 1 Mar 25 |
| Health Professional Bank Essential Saver | 4.25% | 4% | 1 Mar 25 |
| Rabobank High Interest Savings Account | 5.60% | 5.45% | 24 Feb 25 |
| Rabobank High Interest Savings Account (SMSF) | 4.95% | 4.80% | 24 Feb 25 |
| Rabobank PremiumSaver | 5.35% | 5.20% | 24 Feb 25 |
| Rabobank SMSF PremiumSaver | 4.25% | 4.10% | 24 Feb 25 |
| Rabobank Notice Saver (31 days) | 4.85% | 4.60% | 24 Feb 25 |
| Rabobank Notice Saver SMSF (31 days) | 4.25% | 4.00% | 24 Feb 25 |
| Rabobank Notice Saver (60 days) | 4.90% | 4.65% | 24 Feb 25 |
| Rabobank Notice Saver SMSF (60 days) | 4.35% | 4.1 | 24 Feb 25 |
| Rabobank Notice Saver (90 days) | 4.95% | 4.70% | 24 Feb 25 |
| Rabobank Notice Saver SMSF (90 days) | 4.45% | 4.20% | 24 Feb 25 |
| Great Southern Bank Everyday 50+ Account - Customers aged 50+ only | 2.95% | 2.70% | 25 Feb 25 |
| Great Southern Bank Home Saver Account | 5.25% | 5.00% | 25 Feb 25 |
| Great Southern Bank Goal Saver Account (18-24 year olds only) | 5.35% | 5.10% | 25 Feb 25 |
| Great Southern Bank Youth eSaver Account (0-17 year olds only) | 5.50% | 5.25% | 25 Feb 25 |
| Great Southern Bank Future Saver Account | 4.85% | 4.60% | 25 Feb 25 |
| Great Southern Bank Everyday Saver Account | 4.30% | 4.05% | 25 Feb 25 |
| Great Southern Bank Business+ Saver | 4.10% | 3.85% | 25 Feb 25 |
| P&N Bank SwiftSaver Account | 4.50% | 4.25% | 01 Mar 2025 |
| P&N Bank Hi Saver Account | 5% | 4.75% | 05 Mar 2025 |
| P&N Bank Business Saver | 1.50% | 1.25% | 05 Mar 2025 |
| P&N Bank Way Cool Saver | 3.05% | 2.80% | 05 Mar 2025 |
| P&N Bank & Retirement Account | 1.80% | 1.55% | 05 Mar 2025 |
| Arab Bank Cash Management Account | 0.90% | 0.65% | 25 Feb 25 |
| Ubank Save Account | 5.50% | 5.25% | 01 Mar 2025 |
| Bank First Pension Account | 3.40% | 3.15% | 27 Feb 2025 |
| Bank First Christmas Club Account | 3.35% | 3.10% | 27 Feb 2025 |
| Bank First First Saver Account | 4.40% | 4.15% | 27 Feb 2025 |
| People's Choice Young Saver Account | 5.05% | 4.80% | 01 Mar 2025 |
| People's Choice Bonus Saver Account | 4.40% | 4.15% | 01 Mar 2025 |
| MOVE Bank Bonus Saver | 5% | 4.75% | 01 Mar 2025 |
| MOVE Bank Growth Saver | 5.50% | 5.25% | 01 Mar 2025 |
| MOVE Bank Online Saver | 4.40% | 4.15% | 01 Mar 2025 |
| MOVE Bank Express Saver Account | 2.75% | 2.50% | 01 Mar 2025 |
| MOVE Bank Christmas Saver | 1.50% | 1.25% | 01 Mar 2025 |
| ING Savings Maximiser | 5.50% | 5:40% | 28 Feb 2025 |
| ING Savings Accelerator ($150,000 - $500,000) | 5.40% | 5.15% | 28 Feb 2025 |
| ING Savings Accelerator ($50,000 - $149,999) | 4.45% | 4.20% | 28 Feb 2025 |
| ING Savings Accelerator ($0 - $49,999) | 3.55% | 3.30% | 28 Feb 2025 |
| ING Business Optimiser | 1.00% | 0.75% | 28 Feb 2025 |
| Bank of Queensland Business WebSavings Account | 4.25% | 4.25% | 21 Feb 25 |
| Heritage Bank Online Saver | 4.90% | 4.65% | 1 Mar 25 |
| Heritage Bank Target Bonus | 4.40% | 4.15% | 1 Mar 25 |
| Heritage Bank Christmas Club | 2% | 1.75% | 1 Mar 25 |
| Heritage Bank Pension Plus | 2.55% | 2.15% | 1 Mar 25 |
| Heritage Bank Farm Management | 2.50% | 2.25% | 1 Mar 25 |
| Bank First Bonus Saver | 4.60% | 4.35% | 3 Mar 25 |
| Bank First First Home Bonus Saver Account | 4.60% | 4.40% | 3 Mar 25 |
| Bank First Online Saver Account | 3.80% | 3.55% | 3 Mar 25 |
| Illawarra Credit Union Saver | 2.50% | 2.25% | 28 Feb 2025 |
| Illawarra Credit Union Christmas Account | 0.65% | 0.40% | 28 Feb 2025 |
| Westpac Life (18-29 year olds only) | 5.20% | 5% | 28 Feb 2025 |
| Westpac Life | 5% | 4.75% | 28 Feb 2025 |
| Westpac eSaver | 5% | 4.75% | 28 Feb 2025 |
| Westpac Community Solutions Cash Reserve | 1.15% | 1.05% | 28 Feb 2025 |
| Westpac 55+ and Retired | 2.30% | 2.15% | 28 Feb 2025 |
| Westpac Business Cash Reserve | 1.15% | 1.05% | 28 Feb 2025 |
| Illawarra Credit Union Bonus Saver | 4.25% | 4% | 1 Mar 25 |
| Illawarra Credit Union Wildlife Saver | 2.50% | 2.25% | 1 Mar 25 |
| BCU Bonus Saver | 5.00% | 4.75% | 5 Mar 25 |
| BCU iSaver | 3.30% | 3.05% | 5 Mar 25 |
| BCU Business iSaver | 1.50% | 1.25% | 5 Mar 25 |
| BCU Scoot Super Saver | 165% | 1.40% | 5 Mar 25 |
| BCU Advantage Saver | 2.20% | 1.95% | 5 Mar 25 |
Following the rate cuts customers will earn up to 5% p.a. with St.George, Bank of Melbourne or Bank SA or up to 4.75% p.a. with Westpac.
What about CBA, NAB and ANZ?
So far Westpac is the only Big Four bank to confirm it will be dropping savings account rates by the full 25 basis points that the RBA dropped form the cash rate.
CBA, NAB and ANZ are yet to say if they will be dropping their savings rates - although all 4 banks have confirmed they'll be passing on the full rate cut to home loan customers.
CBA currently offers up to 4.90% p.a. ongoing with it's Goal Saver account, which would drop to 4.65% p.a. if it were to pass on the full rate cut.
Where to get the highest savings account rate right now
Here are 3 of the highest savings rates right now.
1. Ubank Save Account
Earn 5.50% p.a. on balances up to $100,000 when you deposit $500 each month. If your balance is between $100,000 and $250,000 you can earn 5.00% p.a. by meeting the deposit condition. You can make withdrawals and still be eligible for the bonus interest.
2. ING Savings Maximiser Account
Earn 5.50% 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.
Earn 5.50% 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.
4. MOVE Bank Growth Saver
Earn 5.50% p.a. when you deposit $200 per month and make no withdrawals. However unlike the accounts listed above, MOVE Bank only offers this rate on balances up to $25,000.
Has your bank confirmed a savings account rate cut? If so, it might be time to switch. Compare high interest savings accounts and switch to one with a better rate.
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