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: