Commonwealth Bank and others cut savings rates
Announcement posted by Infochoice 10 Mar 2020
MEDIA RELEASE
Tuesday 10 March 2020
· Commonwealth Bank cuts 0.25% from savings accounts and term deposits, effective immediately.
· ING, UBank and Judo Bank slice savings accounts and term deposit rates
| Today, Tuesday 10 March 2020, 13.00pm AEDT
| Rate % pa
|
| CPI Inflation as reported by the ABS/RBA
| 1.8% pa
|
| Top big four bank at-call savings account rate
| 1.65% pa for 4 months |
| Top big four bank term deposit rate
| 1.60% pa 8 months (ANZ Bank) |
| Top at-call savings account rates*
| |
| Top ongoing maximum bonus at-call savings account rate
| |
| Top term deposit rate
| 2.35% pa, 5 years (Judo Bank) |
| Top 12-month term deposit rate
| 1.95% pa (Judo Bank) |
* as listed today on InfoChoice.com.au
Commonwealth Bank has cut the maximum bonus rate on Australia’s most popular savings account, the Commbank GoalSaver account by 0.25% pa. Commbank has also cut the maximum bonus rate on the popular YouthSaver account by 0.25% pa.
The new rates are effective from Monday 9 March 2020.
“The new maximum rate on GoalSaver for balances under $50K is 0.64% pa,” said Vadim Taube, chief executive of InfoChoice.com.au, Australia’s leading financial comparison service since 1993.
“You only get that rate if you deposit $200 per month and make no withdrawals, otherwise you get the base rate of 0.01% pa.
“The current rate of inflation is 1.80% pa, so if you are making less than that, your money is effectively losing value over time,” said Vadim Taube.
“There are plenty of savings accounts now paying over 1.80% pa.”
Commonwealth Bank has also sliced term deposit rates. The top CBA term deposit rate is now 1.20% pa for 6-month terms.
New Commonwealth Bank savings account rates
Commonwealth Bank Goalsaver interest rates 10 March 2020, InfoChoice.
| Balance
| Old rate
| New
| Change
|
| Standard Rate
| 0.01% | 0.01% | - |
| Bonus < $50k
| 0.89% | 0.64% | -0.25% |
| Bonus $50k < $250k
| 1.24% | 0.99% | -0.25% |
| Bonus $250k < 1m
| 1.59% | 1.34% | -0.25% |
| Headline Rate
( $250k < $1m)
| 1.60% | 1.35% | -0.25% |
Commonwealth Bank Youthsaver interest rates 10 March 2020, InfoChoice.
| Rate
| Old rate
| New
| Change
|
| Standard Rate
| 0.10% | 0.05% | -0.05% |
| Bonus Rate Up to $50,000
| 1.75% | 1.50% | -0.25% |
| Headline Rate up to $50,000
| 1.85% | 1.55% | -0.30% |
Go direct to Commonwealth Bank interest rate and fees information at InfoChoice.
Savings market leaders ING and UBank cut savings rates
ING and UBank have announced cuts to their savings account rates in the wake of the RBA’s 0.25 percentage point cut last Tuesday.
New ING Savings account rates:
SAVINGS ACCELERATOR
The maximum rate on balances under $50K in an ING Savings Accelerator account is now 0.25% pa.
The max rate for Savings Accelerator (balances over >$150k) has been cut to 1.25% p.a. from 1.50% while the maximum bonus rate for balances between $50 and $150K has been cut to 0.75% p.a. from 1.00%. )
Go direct to ING savings account interest rate and rules information at InfoChoice.
UBank cuts savings account rates
Popular online bank for savers, UBank has announced rate cuts on at-call savings accounts and term deposits following the RBA’s 0.25% rate cut last Tuesday. UBank has matched the RBA’s cut and sliced 0.25% pa off USaver Reach and USaver with Ultra Bonus account rates.
The new maximum bonus rate on a USaver with Ultra bonus is 1.85% cent pa. Go direct to UBank savings account interest rate and rules information at InfoChoice.
Judo Bank still the TD market leader
Term deposit market leader Judo Bank announced rate cuts last week. Judo Bank sliced 0.05 percentage points from their 12-month rate from 2.0 per cent pa to 1.95 per cent pa.
Go directly to Judo Bank term deposit interest rate information at InfoChoice.
Savers with cash in the bank need to act FAST to lock in rates above inflation said Vadim Taube.
“More banks, credit unions and neobanks are expected to announce various rate cuts to their savings accounts and term deposits soon.”
“The leading at-call savings account rates are now over 2.0% pa and the top term deposit rates are 2.35% pa.”
Compare savings account rates at InfoChoice now.
Compare term deposit rates at InfoChoice.
Direct to Commonwealth Bank interest rates and fees information at InfoChoice.
Direct to Westpac Bank interest rates and fees information at InfoChoice.
Direct to ANZ Bank interest rates and fees information at InfoChoice.
Direct to NAB interest rates and fees information at InfoChoice.
Go straight to the latest rates information from individual banks and other institutions here.
For more information on home loan rates, data and commentary, please contact:
Jason Bryce, Media Manager on 0428 777 727 jason.bryce@infochoice.com.au
For more comments, please contact: Vadim Taube, Chief Executive on 0403 580 794
InfoChoice compares financial products from 145 banks, credit unions, authorised deposit-taking institutions, non-bank lenders and other financial product providers in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible.
Home Loan Comparison Rate is based on a secured loan of $150,000 over the term of 25 years.
WARNING: These comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan
InfoChoice is a leading Australian comparison website for retail banking and personal finance products. We’ve been helping Aussies find great offers on credit cards, home loans, savings accounts, term deposits, personal loans and car loans for over 25 years. Our mission is to help consumers make an informed purchasing by bringing together the most comprehensive list of financial products on the market today.
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