
86 400 and Up's rates the latest casualties of savings account slump
Compare high interest savings accounts - last updated 4 December 2023
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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
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Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
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Mozo experts choice awards won:
- No Strings Savings - 2023
Savings Account
5.50% 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 2023 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 2023 Mozo Experts Choice Award winner.
- Maximum rate
- 5.50% 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 four 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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Reward Saver
5.25% p.a. (for $0 to $100,000)
0.30% p.a.(for $0 and over)
Yes up to $250,000
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
CompareCompareReward Saver
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
- Maximum rate
- 5.25% p.a. (for $0 to $100,000)
- standard interest rate
- 0.30% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Grow your balance each month and must have linked Bendigo Everyday or Student Account to be eligible.
- Access
- BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
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Read our Mozo Review to learn more about the Bendigo Bank Reward Saver
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High Interest Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Deposit at least $200 to either Spend or Save account from an external source each month.
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
CompareCompareHigh Interest Save Account
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
- Maximum rate
- 5.10% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Deposit at least $200 to either Spend or Save account from an external source each month.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and saving account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the ubank High Interest Save Account
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Mozo experts choice awards won:
- Kick Start Savings - 2023
- No Strings Savings - 2023
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 . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
- 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
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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