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 - last updated 14 June 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • 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.

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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, Bills 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.

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  • PremiumSaver

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

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

    Yes up to $250,000

    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.

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  • 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

    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.^

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^See information about the Mozo Experts Choice Savings Account Awards

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