86 400 and Up's rates the latest casualties of savings account slump

Compare high interest savings accounts - last updated 18 June 2024

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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 four 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.

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    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.^

  • 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.

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  • PremiumSaver

    5.45% p.a. (for $0 to $250,001)

    1.50% p.a.(for $0 and over)

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    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.


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: 


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

ME - Online Savings Account

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.

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