Effective 24 March, the interest paid by NAB's Rewards Saver has decreased by another 0.10% p.a., bringing the total interest rate down from 4.75% p.a. to 4.65% p.a.
This latest reduction was applied to the bonus rate, which now pays 4.55% p.a. if the bonus rate conditions are met.
The base rate remains unchanged at 0.10% p.a.
To qualify for the bonus, savers must make at least one deposit on or before the second-last banking day of the month and make no withdrawals throughout the month.
This means customers with an account balance of $10,000 and who are able to meet the criteria in a month will earn $38.75 - that's $0.83 less than their interest earnings before NAB dropped the axe on the bonus rate.
Much like its 25 basis point cut on 21 February, NAB made this latest adjustment without public announcement.
This has effectively put NAB at the bottom of the Big Four banks when it comes to bonus savings accounts, offering the lowest total interest rate.
Bonus saver interest rate of Big Four banks
| Bonus savings account | Base rate | Bonus rate |
|---|---|---|
| Rewards Saver (NAB) | 0.10% p.a. | 4.55% p.a. |
| GoalSaver (CommBank) | 0.35% p.a. | 4.30% p.a. |
| Westpac Life (Westpac) | 1.60% p.a. | 3.15% p.a. |
| ANZ Save (ANZ) | 0.40% p.a. | 4.35% p.a. |
Correct as of 24 March 2025
At 4.55% p.a., NAB now offers the lowest total interest rate (and base rate) compared to its Big Four peers, although it offers the highest bonus rate.
However, an ACCC inquiry into deposits handed down at the end of 2023 found that 71% of savers are unable to meet the conditions to earn those bonuses.
Not making any withdrawals or transfers in a month - which are among the conditions of NAB and ANZ - to earn the higher bonus rate could be difficult to do should there be unexpected expenses.
Migrated Citi savings accounts not spared
Citi savings account customers who migrated over to NAB after the takeover will also see lower returns on their high-rate savings account.
From 5.35% p.a., the total rate is now down to 5.25% p.a.
However, unlike the NAB Rewards Saver rate change, the adjustments to the migrated Citi accounts applied to both base and bonus rates, leaving many former Citi customers disappointed.
Savers now receive a base rate of 2.5% p.a. and a 2.75% p.a. bonus rate.
Previously, the Citi-branded savings account offered a 4.35% p.a. base rate and 1.00% p.a. bonus rate.
ubank also cuts
NAB-owned digital bank ubank has also announced it will cut its popular 'Save' rate by 10-15 basis points come 1 April.
The total rate will now be 5.10% p.a. on balances up to $100,000 (down 0.15%), and 4.65% p.a. on balances from $100,000 to $250,000 (down 0.10%).
This adds to the 25 basis point cut made shortly after the RBA cut the cash rate in late February.
The top rate, too, is conditional, and relies on the saver depositing $500 a month into any linked account from an external source.
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Denise Raward
Emma Duffy
