Shopping around, changing banks, can make a big difference if you rely on savings accounts or term deposits for some income. Especially in a falling interest rate market like the present

While the home loan interest rate falls garner the headlines, savers should also note that rates for both term deposits and savings accounts are on the way down too.

The recent catalyst was the -25 bps rate cut by the RBA on August 13, 2025. But more globally, bond market risk aversion to incoherent public policy in the US is also playing a part. Investors are shying away from non-prime bonds and turning to high-rated sovereigns and other guaranteed options.

While this may be driving down rates for those prime options, it is also driving up long term yields (30 years). In turn, banks (who are currently considered 'prime') can take advantage of lower wholesale funding. And that means they don't have to pay as much to savers. For savers it is double jeopardy.

At present, all the main banks are trimming rates for savers.

Notably, Commbank has cut its Netsaver rates by -35 bps with the base Netsaver account now returning only 1.55%. The Netsaver welcome rate however only went down -20 bps to 4.45%. But that only applies for the first four months.

Commbank's Goalsaver has seen its potential rate drop by -20 bps to 4.25%. Commbank's Pensioner account is down -25 bps across all tier levels above $10,000.

Of course, they are not the only one. ANZ also trimmed their savings rates. ANZ's Online account has been dropped by -25 bps, their Progress Saver by -25 bps for the potential rate, and their Pensioner account by -25 bps too for balances above $10,000.

ANZ Plus accounts got the same -25 bps adjustments lower.

Westpac has cut too. Their Life accounts are down -25 bps, as is their Bump account, and their e-Saver account. But Westpac's "55+" account only got hit by a -15 bps cut. That may seem a relief, but its rates before (and after) were really quite low in the first place.

Our tables are the best place to see where all these changes have landed. Here, here and here.

And they will show you that both Macquarie and ING are still offering outsized premiums to the Big Four. There are earnings to be gained in those alternatives.