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
| Rate | Monthly Conditions | |
|---|---|---|
| 86 400 - Save Account | 1.85% (Up to $300k) | Min. $1k deposit into an 86 400 savings or transaction account |
| BOQ - Fast Track Saver | 1.85% (Up to $250k) | Min. $1k deposit into a linked BOQ transaction account |
| Up - Saver Account | 1.85% (Up to $50k) | Min. 5 purchases with a linked Up debit card |
| 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 |
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 - last updated 19 April 2024
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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 . 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
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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 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
- 5.35% 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 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 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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Mozo experts choice awards won:
- High Interest Savings - 2024
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
CompareCompareAMP Saver Account
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.40% p.a. (for $0 to $250,000)
- standard interest rate
- 1.20% p.a.(for $0 to $5,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing total variable bonus rate of up to 5.40% per annum applies if customers deposit $1,000 in the previous month. Available only on balances up to $250,000.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Ongoing total variable bonus rate up to 5.40% p.a. is earned on the balance the month after you deposit $1,000 and is paid the following month, on balances up to $250k. Max balance per customer name is $5 million.
Read our Mozo Review to learn more about the AMP Bank AMP Saver Account
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Savings+Bonus
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
CompareCompareSavings+Bonus
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 2.00% p.a.(for $0 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $5.00
- Maximum rate conditions
- Minimum $100 monthly deposit and no withdrawals to earn bonus interest.
- Access
- -
- Minimum balance
- $1.00
- Other restrictions
- -
Read our Mozo Review to learn more about the First Option Bank Savings+Bonus
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^See information about the Mozo Experts Choice Savings Account Awards
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