The first of the rate cut to savings accounts are starting to flow through now.
Macquarie was first out of the blocks with a -25 bps cut to its variable Welcome Rate account.
The outstanding 4.85% rate that applied to the first four month, up to a $250,000 deposit has been cut by the full -25 bps to 4.60%. After four months, that rate has also been cut -25 bps to 4.25% and that rate applies to any deposit to $2 mln. Above $2 mln, the rate is also down -25 bps to 2.00%.
Separately, NAB has cut -25 bps from its bonus interest in its Reward Saver. That takes the potential rate down to 4.10%.
And NAB has applied the same -25 bps reduction to its i-Saver account. It's introductory rate (first four months) has been reduced to 4.40%, and its Standard rate to 1.25%.
These may be the first reductions, but they won't be the last.
Check our savings account tales to see how each account compares across all big banks, here.
And our term deposit comparison tables are here and here.
Changes on these tables are noted with an arrow, up or down.