{"id":124806,"date":"2025-05-23T08:46:17","date_gmt":"2025-05-23T08:46:17","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/124806\/"},"modified":"2025-05-23T08:46:17","modified_gmt":"2025-05-23T08:46:17","slug":"major-blow-for-millions-of-aussies-with-cash-in-a-bank-account","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/124806\/","title":{"rendered":"Major blow for millions of Aussies with cash in a bank account"},"content":{"rendered":"<ul class=\"mol-bullets-with-font\">\n<li class=\"\"><strong>\u00a0NAB slashes savings rates<\/strong><\/li>\n<\/ul>\n<p class=\"author-section byline-plain\">By <a href=\"https:\/\/www.dailymail.co.uk\/profile-321\/stephen-johnson.html\" class=\"author\" target=\"_blank\" rel=\"noopener\">STEPHEN JOHNSON, ECONOMICS REPORTER FOR DAILY MAIL AUSTRALIA<\/a> <\/p>\n<p class=\"byline-section\"> Published:  23:32 EDT, 22 May 2025   |  Updated:  01:50 EDT, 23 May 2025   <\/p>\n<p class=\"mol-para-with-font\">Australians with savings accounts will earn less interest as a result of the Reserve Bank&#8217;s latest cut.<\/p>\n<p class=\"mol-para-with-font\">Major banks including NAB and Macquarie Bank have slashed rates on their savings accounts in the wake of the RBA&#8217;s decision this week.\u00a0\u00a0<\/p>\n<p class=\"mol-para-with-font\"><a style=\"font-weight: bold;\" target=\"_self\" href=\"https:\/\/www.dailymail.co.uk\/money\/nab\/index.html\" id=\"mol-d6688f00-3785-11f0-b76c-73fe8fa6ffb5\" class=\"\" rel=\"noopener\">NAB<\/a>\u00a0cut its Reward Saver rate by 25 basis points to 4.4 per cent. The bank&#8217;s iSaver rate also fell by 25 basis points to 4.65 per cent but only for four months.\u00a0<\/p>\n<p class=\"mol-para-with-font\">NAB&#8217;s quarter of a percentage point drop in saving rates were in line with the RBA&#8217;s Tuesday rate cut of 25 basis points, that took the cash rate to 3.85 per cent for the first time since June 2023.<\/p>\n<p class=\"mol-para-with-font\">While RBA rate cuts are good news for borrowers, they are bad for savers who are either trying to save up for a mortgage deposit or live off the age pension.<\/p>\n<p class=\"mol-para-with-font\">Canstar data insights director Sally Tindall said savers were set for more punishment.<\/p>\n<p class=\"mol-para-with-font\">&#8216;This is just the start of what will be an onslaught of rate cuts for savers,&#8217; she said.<\/p>\n<p class=\"mol-para-with-font\">Macquarie Bank has also cut its savings account rate by 25 basis points to 4.85 per cent.<\/p>\n<p>   <img decoding=\"async\" id=\"i-98bd8e885acfdefc\" src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/05\/98675899-14741781-image-a-1_1747971081796.jpg\" height=\"422\" width=\"634\" alt=\"Australian savers are getting punished following the Reserve Bank's latest rate cut\" class=\"blkBorder img-share\" style=\"max-width:100%\" loading=\"lazy\" \/>   <\/p>\n<p class=\"imageCaption\">Australian savers are getting punished following the Reserve Bank&#8217;s latest rate cut<\/p>\n<p class=\"mol-para-with-font\">&#8216;These cuts from big bank, NAB, and challenger bank Macquarie are just the tip of the iceberg,&#8217; Ms Tindall said.<\/p>\n<p class=\"mol-para-with-font\">&#8216;Savers need to stay alert as some banks are moving quickly following Tuesday&#8217;s RBA decision.&#8217;<\/p>\n<p class=\"mol-para-with-font\">Ms Tindall slammed the big banks for using RBA rate cuts to get publicity for reducing mortgage rates, only to provide relief for borrowers after punishing savers.\u00a0<\/p>\n<p class=\"mol-para-with-font\">&#8216;It&#8217;s disappointing to see some banks chop savings rates ahead of their mortgage rates,&#8217; she said.<\/p>\n<p class=\"mol-para-with-font\">&#8216;One day, it would be fantastic to see a bank reverse this order to benefit its mortgage and savings customers, rather than themselves.&#8217;\u00a0<\/p>\n<p class=\"mol-para-with-font\">NAB, Westpac, AMP and Great Southern Bank are cutting savings rates before providing relief to borrowers, while the Commonwealth Bank and ANZ are yet to make announcements on savings rates.<\/p>\n<p class=\"mol-para-with-font\">Westpac is cutting savings rates four days before borrowers get relief on June 3.<\/p>\n<p class=\"mol-para-with-font\">The latest Reserve Bank rate cuts mean term deposit rates have fallen under five per cent.\u00a0<\/p>\n<p>   <img decoding=\"async\" id=\"i-665171d655121ace\" src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/05\/98676211-14741781-image-a-11_1747972398143.jpg\" height=\"423\" width=\"634\" alt=\"Canstar data insights director Sally Tindall said savers were set for more punishment\" class=\"blkBorder img-share\" style=\"max-width:100%\" loading=\"lazy\" \/>   <\/p>\n<p class=\"imageCaption\">Canstar data insights director Sally Tindall said savers were set for more punishment<\/p>\n<p class=\"mol-para-with-font\">Heartland offers the highest rate of 4.75 per cent for six months.<\/p>\n<p class=\"mol-para-with-font\">Qudos offers 4.5 per cent for one year, 4.3 per cent for two years and 4.1 per cent for three years.<\/p>\n<p class=\"mol-para-with-font\">Judo Bank offers 4.35 per cent for four years and 4.45 per cent for five years.<\/p>\n<p class=\"mol-para-with-font\">The futures market is expecting the Reserve Bank to cut the cash rate from 3.85 per cent now to 3.1 per cent by the end of 2025.<\/p>\n<p class=\"mol-para-with-font\">That would imply another 75 basis points of cuts on top of Tuesday&#8217;s relief for home borrowers, meaning more bad news for savers.\u00a0<\/p>\n<p class=\"mol-para-with-font\">&#8216;If you&#8217;ve already seen your savings rate drop, don\u2019t get mad, get even by taking your savings rate shopping,&#8217; Ms Tindall said.<\/p>\n<p class=\"mol-para-with-font\">Reserve Bank of Australia Governor Michele Bullock confirmed this weeks that the monetary policy board had considered an even bigger 50 basis point rate cut on Tuesday.<\/p>\n<p class=\"mol-para-with-font\">Headline and underlying measures of inflation are now both within the RBA&#8217;s two to three per cent target.<\/p>\n<p class=\"mol-para-with-font\">This gives it more scope to cut interest rates, as it monitors the effects of Donald Trump&#8217;s tariffs on economic activity.\u00a0<\/p>\n<p>                    Share or comment on this article:<br \/>\n                        Major blow for millions of Aussies with cash in a bank account<\/p>\n","protected":false},"excerpt":{"rendered":"\u00a0NAB slashes savings rates By STEPHEN JOHNSON, ECONOMICS REPORTER FOR DAILY MAIL AUSTRALIA Published: 23:32 EDT, 22 May&hellip;\n","protected":false},"author":2,"featured_media":124807,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3090],"tags":[51,92,1700,2297,12,16,15],"class_list":{"0":"post-124806","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-dailymail","10":"tag-economy","11":"tag-nab","12":"tag-news","13":"tag-uk","14":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114556278377129087","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/124806","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=124806"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/124806\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/124807"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=124806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=124806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=124806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}