The Commonwealth Bank has joined the other major banks and cut savings account rates after the Reserve Bank of Australia cut interest rates.

The bank has slashed its savings rates by up to 25 basis points bringing its ongoing rate on NetBank Saver accounts to just 0.15 per cent.

Customers will receive a 2.05 per cent rate during the first five months of a new account.

RateCity Money Editor Sally Tindall tells John Stanley customers may start looking at other options.

“If you’re prepared to keep jumping savings accounts, every four or five months, then you can get a rate over two per cent if you’re clever about it.

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