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86 400 and Up's rates the latest casualties of savings account slump
Compare high interest savings accounts
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Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the ING Savings Maximiser
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
CompareCompareReward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
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Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
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Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
CompareCompareBonus Saver Account
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
Two of the highest ongoing savings account rates in Australia are being reduced again, with neobanks 86 400 and Up both dishing out the rate cut treatment this week.
86 400’s change comes into effect today, with the rate on its Save Account dropping by 15 basis points. That means savers who deposit at least $1,000 a month into the account will now be able to earn a maximum rate of 1.70%.
Meanwhile, Up will cut 25 basis points off the Saver Account rate tomorrow, leaving the maximum rate available for savers who make at least five purchases a month with a linked Up card at 1.60%.
According to Mozo Banking Expert, Peter Marshall, the cuts aren’t all that surprising given the competitive positions of both rates in the market
“Both of these brands are neobanks, but they’re also backed by more traditional organisations: Bendigo Bank in Up’s case, and Cuscal in 86 400’s case. So to some extent they’re both going to have to deal with whatever their parent organisations are going through - they can’t be completely shielded from it.”
“It would have been nice to see them hold out from a brand building perspective, but at the end of the day they’ve got to ensure that their businesses are viable in the long term, so there’s only so much they can absorb with frontrunning on rates.”
Savings returns slowly diminishing
Despite the changes, the new rates on offer from both 86 400 and Up still rank among the highest savings account rates in the Mozo database.
To put them into perspective, here’s a snapshot of the three highest ongoing savings account rates in the Mozo database available to Australians of all ages as of 14 July:
Rate | Monthly conditions | |
BOQ - Fast Track Saver | 1.85% (Up to $250k) | Min. $1k deposit into a linked BOQ transaction account |
ING - Savings Maximiser | 1.80% (Up to $100k) | Min. $1k deposit into a linked ING transaction account plus 5 card purchases |
1.80% (Up to $250k) | Min. 4 tap and go purchases with a linked ME debit card |
The general picture for savers hasn’t been a pretty one of late though, particularly for those who may not have switched to a more competitive rate in recent months.
In fact, the average ongoing savings account rate in the Mozo database is just now 0.70% - 59 basis points below the average rate of 1.29% in July 2019.
“Unfortunately for savers, rates have been crashing and there’s no sign of that ending anytime soon. However, many Australians will be relying on savings accounts as a safe place to park their cash at present,” said Marshall.
“Given that, and given the substantial difference between the offers at the top and bottom end of the market, it’s certainly worth reviewing your current rate - particularly if you’re holding a sizable balance.”
So just how much of a difference does the rate you’re on make to your balance?
Crunching the numbers using the Mozo savings calculator, here’s the difference on a $10,000 balance, assuming a regular deposit of $200/month, over three years:
1.85% rate: $768 total interest earned
0.70% rate: $286 total interest earned
RELATED: Westpac offers young Aussie savers a new market-leading interest rate
Ready to see how your current rate stacks up against some of the hottest on the market? Get started by checking out the offers in the table below, or pay a visit to our high interest savings account hub for even more great rates.
^See information about the Mozo Experts Choice Savings Account Awards
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