Savings account interest rate cuts
Here's a full list of confirmed savings account rate cuts, plus how a lower interest rate will affect your savings balance.
Key takeaways
- When the RBA cuts the cash rate, banks respond by cutting the rates on their home loans, savings accounts and term deposits.
- A lower savings account rate means savers will earn less interest on their money in the bank.
- Economists are predicting multiple cuts to the cash rate in 2025. This could cost the average Australian saver hundreds of dollars per year in lost interest earnings.
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 |
Why are savings account interest rates falling?
The RBA has cut the official cash rate by 25 basis points, from the previous 4.35% to 4.10%. This is in response to the latest inflation figures which show that inflation is going back down towards the RBA's target range.
When the RBA makes a cut to the cash rate, banks are under pressure to cut their home loan rates by the same amount, savings borrowers money on their loans.
With banks bringing in less money from mortgages, they tend to make up the difference by paying out less money on their interest-earning deposit products like savings accounts and term deposits.
How interest rate cuts will affect your savings balance
If you earn interest via a high interest savings account, a lower cash rate is bad news. The amount of interest you earn will almost certainly drop.
The impact on your savings will depend on the size of your balance and what interest rate you're getting. According to Finder data, the average Australian has around $32,000 in cash savings. Let's assume you're depositing $1,000 a month and you're currently getting one of the highest rates on offer at 5.50% p.a.
If your savings rate was cut to 5.25% p.a. the interest you'd earn over a year would fall from $2,112 to $2,014 - a drop of $98.
Here are some examples with different savings account balances based on a drop of 25 basis points (in line with how much the RBA has cut the cash rate so far in 2025).
We've used a savings rate of 5.50% p.a. as the starting rate and assume you've met all criteria to qualify for the highest interest rate.
| Savings balance | Interest earned at 5.50% (annual) | Interest earned at 5.25% (annual) | Difference |
|---|---|---|---|
| $20,000 | $1,128 | $1,075 | $53 less |
| $40,000 | $2,256 | $2,151 | $105 less |
| $60,000 | $3,384 | $3,226 | $158 less |
| $80,000 | $4,512 | $4,302 | $210 less |
Will all banks drop their savings account rates?
While banks use the official cash rate set by the RBA to guide their own interest rates, ultimately they can choose what interest rate to offer savers.
Banks are not obligated to cut their savings rates in line with the RBA's cash rate cuts. This means some banks might not cut their savings rates at all, and some might cut their rates even more than what the RBA has.
Banks might also wait a few weeks (or longer) after the RBA announces a cut to the cash rate to make changes to their savings acount rates - it's not always done on the same day.
What to do with your savings
The best way to ensure you're always getting as much interest on your savings as possible is to compare accounts often. Economists are predicting several rate cuts throughout 2025, which means we can expect savings account rates to be constantly shifting.
Current high interest savings account rates
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