AMP, Bendigo, BOQ, CUA, NAB, Suncorp and Up Bank latest to drop rates on big name savings accounts
11 Oct 2019
As any Australian who regularly checks their savings account balance will know, interest rates have been trending in one direction for the past year: down.
And another Reserve Bank interest rate in early October hasn’t helped the situation for savers as banks across the country respond by taking an axe to their respective savings account rates once again.
In fact, in just the past few days alone a number of banks have reduced rates (or announced reductions) on some of the most popular savings accounts around.
The changes - October 2019
• AMP: Reducing Saver and Bett3r accounts by 25 basis points, effective October 14
• BOQ: Reduced Fast Track Saver Account by 35 basis points, effective October 10
• CUA: Reduced eSaver Reward account by 25 basis points, effective October 9
• Bendigo Bank: Reduced EasySaver account by 25 basis points, effective October 11
• ING: Reduced Savings Maximiser account by 25 basis points, effective October 9
• NAB: Reduced iSaver and Reward Saver accounts by 25 basis points, effective October 11
• Suncorp: Reduced eOptions account by 30 basis points, effective October 11
• UBank: Reduced USaver with Ultra Transaction account by 31 basis points, effective October 11
• Up Bank: Reduced Saver Account by 25 basis points, effective October 11
Despite the cuts, some of the accounts above still sit well above the average ongoing bonus rate of 1.73% currently in the Mozo database.
So whether you’re unhappy with your current rate or you’re just looking for a savings account with something extra, we’ve wrapped up some hot ongoing bonus rate and introductory rate savings account offers that you may pique your interest:
HOT SAVINGS ACCOUNTS
UBank USave with USpend Transaction Account
2.10% maximum interest rate
2019 Mozo Experts Choice Savings Bank of the Year^
Earn maximum rate on balances up to $200,000
Innovative sweep feature
The verdict
Where do we start with UBank’s award-winning USaver with Ultra Transaction Account? The interest rate is as good a place as any, as savers will be able to grab a competitive maximum rate of 2.10% on balances up to $200,000. To secure the rate, savers will simply need to deposit $200 into either account each month - that’s it! Better still, UBank has made saving even easier with the aid of their innovative sweep function which helps savers stay on top of their goals.
AMP Bank AMP Saver Account
2.61% maximum rate (first four months)
Dual 2019 Mozo Experts Choice Award winner^
Maximum interest rate on balances up $250,000
The verdict
In need of a short term place to park your savings stash that also delivers a seriously competitive rate? When it comes to intro rates you’ll find it hard to beat AMP’s current maximum 2.61%** interest rate for the first four months from opening an account, and a healthy 1.65%** ongoing rate afterwards. Savers will also be able to earn the maximum rate on balances up to $250,000 and they won’t be charged any account fees! It’s hardly a surprise then that the Saver Account was named a double winner in the Kick Start Savings and No Strings Savings categories at the 2019 Mozo Experts Choice Awards for Savings Accounts.
MyState Bank Bonus Saver Account
2.50% maximum rate
Earn maximum rate on balances up to $150,000
Zero account fees
The verdict
With one of the highest ongoing bonus rates currently* in the Mozo database, MyState Bank’s Bonus Saver Account is sure to impress savers looking for a competitive rate of return. The account features a maximum interest rate of 2.50% for balances up to $150,000 so long as account holders meet two simple requirements: a $20 deposit into the account each month and at least five transactions with a linked MyState Bank debit card. Plus the Bonus Saver Account doesn’t charge any account fees, so none of your savings will be eaten up!
Citi Online Saver
2.30% maximum rate (first four months)
2019 Mozo Experts Choice Award^
Earn the maximum rate on balances up to $500,000
The verdict
Whether your savings balance is big or small, if you’re serious about grabbing a competitive interest rate on your balance for a short period of time then you’ll certainly want to check out the Citi Online Saver account. The Online Saver comes with a maximum interest rate of 2.30% for the first four months from opening an account which will apply to balances as high as $500,000! Just bear in mind that after the first four months you'll receive an ongoing rate of 0.85%. Need some more convincing? Well the Online Saver also features zero account fees and, best of all, it even took out a 2019 Mozo Experts Choice Award in the Kick Start Savings category.
^See information about the Mozo Experts Choice Savings accounts Awards
Ready to keep searching? For an even greater selection of accounts make sure you head over to Mozo’s handy savings account comparison tables today!
^Check out all the details of our 2019 Mozo Experts Choice Awards for Savings Accounts
*As of 11 October, 2019.
**Introductory rate will drop to 2.36% and ongoing rate to 1.40% on 14 October
