86 400, Up and BOQ provide sanctuary for savers as rates are further savaged

Australian savers just can’t catch a break. Over the past few years, rates have fallen again and again to the point where the average ongoing savings account interest rate in the Mozo database sits at just 0.74% today. 

In fact, since the last Reserve Bank cut in March, 87 banks being tracked by Mozo have reduced at-call savings account rates.  

While savers may be wondering if there’s any point shopping around for a better option with rates so low, Mozo figures show that there is still a substantial difference between the highest rates on the market, the average rate, and many of the rates being offered by Australia’s largest banks. 

As things currently stand, the highest ongoing savings account rate in the Mozo database is 1.85% - a considerable 1.11% above the average. This rate is being offered by neobanks 86 400 and Up, as well as the Bank of Queensland (BOQ).

To give you a fuller picture, here are the five highest ongoing savings account rates in the Mozo database, the balance you’ll be able to get that rate on, and any conditions you’ll need to meet in order to access it.

Highest ongoing savings account rates - June 16

RateMonthly Conditions
86 400 - Save Account1.85% (Up to $300k)Min. $1k deposit into an 86 400 savings or transaction account
BOQ - Fast Track Saver1.85% (Up to $250k)Min. $1k deposit into a linked BOQ transaction account
Up - Saver Account1.85% (Up to $50k)Min. 5 purchases with a linked Up debit card
ING - Savings Maximiser1.80% (Up to $100k)Min. $1k deposit into a linked ING transaction account plus 5 card purchases
ME - Online Savings Account1.80% (Up to $250k)Min. 4 tap and go purchases with a linked ME debit card

In comparison, the average ongoing savings rate being offered by the big four banks is currently just 0.36%, with the Westpac Life account the highest at 1.05%. 

But what do those differences mean practically? 

As the Mozo savings calculator shows, on a savings account balance of $10,000 over a period of two years (assuming no extra contributions), a saver would make:

  • $377 interest with a rate of 1.85%
  • $149 interest with a rate rate of 0.74%
  • $72 interest with a rate of 0.36%

“At a time when we all need to be getting the most out of our money, there’s not a lot of good news for the nation’s savers,” said Mozo Director, Kirsty Lamont.

“And while some savers might be nervous moving their money away from the big banks at such an uncertain time, if you want the best return it’s time to try something new.”

RELATED: How to save money during a recession

Ready to grab a more generous rate for your savings? See how your current rate stacks up against some of the hot offers below, or check out the Mozo savings account comparison tables for offers from an even wider selection of banks

Compare savings accounts

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 274 savings accounts.
Last updated 11 September 2024 Important disclosures
  • 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.

    Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.

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    Details
  • Mozo Expert Choice Badge
    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.

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    Details
  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance 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.^

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    Details
  • MoneyMAX Account

    No Current Offer

    4.75% p.a.(for $1 and over)

    Yes up to $250,000

    Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.

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    Details
  • Savings Accelerator

    3.55% p.a. (for $0 to $50,000)

    2.85% p.a.(for $0 to $50,000)

    Yes up to $250,000

    New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.

    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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    Details


^See information about the Mozo Experts Choice Savings Account Awards

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While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.