Summary:
Last week, Australia’s interbank (cash) market held steady at the RBA’s official target of 3.6%, with the overnight money-market rate hovering around 3.59%, underscoring stable market alignment with central bank policy. This stability suggests liquidity and policy transmission remain smooth, with no surprises in overnight funding costs.
The Reserve Bank of Australia continues to signal further policy easing ahead, though the pace remains data-dependent. Minutes from the August policy meeting confirmed that future rate cuts are likely, with decisions to be calibrated based on labour market dynamics, inflation trends, and global conditions. Market expectations currently point to an additional rate cut by November, with a pause anticipated in September.
Global uncertainties, including trade tensions and slowing GDP growth in major economies, also continue to influence investor sentiment.
Figure 1: Swaps on RBA Rate Cuts
| Product | Interest Rate p.a. | Notes |
|---|---|---|
| AMP Saver Account | 4.45% | Up to 4.45% pa variable rate on balances up to $500,000. Applies for customers that meet the eligibility criteria. |
| ANZ Premium | 0.05% | $10,000 - $249,999 |
| ANZ Progress Saver | 3.40% | Make at least one deposit of $10 or more in a month, make no withdrawals (including transfers), or incur any fees, charges in the month. |
| Arab Bank Online Savings | 4.55% | On balances of $250,000 to $499,999 |
| Bankwest Hero Saver | 4.10% | Variable Hero rate on eligible balances up to $250,000.99. |
| CBA NetBank Saver | 4.65% | 1.90% p.a.standard variable rate. 2.75% p.a.fixed bonus margin for the first 5 months on your first NetBank Saver. |
| CBA Goal Saver Account | 4.45% | 0.30% p.a.standard variable rate2. 4.15% p.a.bonus variable interest rate3. |
| Heritage Online Saver | 4.35% | get a 4 month Bonus Intro Rate* available for new members on balances up to $100,000. |
| ING Savings Accelerator | 4.20% | Open a Savings Accelerator from9 June 2025and roll higher with our4.95% p.a.variable kick starter offer. This includes a0.75% p.a. variable kick starter rate for the first 4 monthson balances up to $500,000. After that, roll on with our4.20% p.a.variable ongoing rate. |
| Macquarie CMA | 2.25% | Minimum $5,000 |
| ME Online Savings | 3.85% | Bonus interest applies to balances up to $500,000. Make at least four Visa Debit card purchases per month using your linked SpendME account. |
| NAB iSaver | 4.65% | We’ll add this bonus rate for the first four months if you have not held a NAB iSaver in the last 12 months (on balances up to $20 million). This is the total rate (standard variable rate plus fixed bonus margin rate) you could earn for the first four months, if you have not held a NAB iSaver in the last 12 months (on balances up to $20 million). |
| NAB Reward Saver | 4.35% | This is the total rate (variable base rate + variable bonus rate) you could earn on your NAB Reward Saver account if you meet the variable bonus rate conditions. |
| Rabobank PremiumSaver | 4.80% | On balances to $250,000. Balance increased by $200 a month. |
| RAMS Saver Account | 1.40% | On balances to $500,000. Minimum $200 deposit each month with no withdrawals. |
| Suncorp Growth Saver | 4.55% | Earn 4.55% p.a. Growth Saver bonus interest each month you grow your net balance by $200 or more (excluding interest) and make no more than one withdrawal. |
| ubank Save Account | 5.00% | All you need to do is have a Spend account and deposit $500+ per month into any Spend, Bills, or Save accounts (not including internal transfers) to get the bonus interest rate. Easy. |
| Up Savers Account | 3.85% | To qualify for the bonus interest rate in a calendar month, make 5 successful purchases using your Up, 2Up, Essentials or 2Up Essentials debit card, Apple Pay™, Google Pay™ or other digital wallets in the same month. ATM transactions or transfers are not included. To qualify for the bonus interest rate in June, make 5 successful purchases using your Up, 2Up, Essentials or 2Up Essentials debit card, Apple Pay™, Google Pay™ or other digital wallets before 7pm AEST/ADST on the last day of June. You can’t qualify for the bonus interest rate after 7pm AEST/ADST on the last day of June. |
| Westpac eSaver | 4.50% | Fixed rate for the first 5 months for new eSaver customers. |