April savings account snapshot: Further cuts leave BOQ sitting pretty at 2.00%

A flurry of rate cuts in the month of April have left Bank of Queensland (BOQ) as the only remaining bank being tracked in the Mozo database to offer an ongoing savings account rate starting with a ‘2’. 

According to the April 2020 Mozo Banking Roundup, since April 1 interest rates on 42 different ongoing bonus savings accounts have been reduced, leaving the average ongoing rate in the Mozo database at just 0.75%. 

Among the recent changes of note: 

  • Three of the four major banks cut their ongoing bonus rates: ANZ Progress Saver (-0.25%), Commonwealth Bank GoalSaver (-0.15%) and NAB Reward Saver (-0.25%)
  • As did a host of banks with rates at the higher end of the market: UBank’s USaver with Ultra Transaction Account (-0.25%), MOVE Bank’s Bonus Saver (-0.25%), MyState Bank’s Bonus Saver (-0.15%) and Suncorp’s Growth Saver (-0.10%).
  • Neobanks 86 400 and Up also trimmed 0.15% off of the bonus rates on their respective accounts

As a result, the BOQ Fast Track Saver Account is sitting alone at the summit as the only bank (not including youth accounts) currently offering an ongoing savings rate of 2.00% or higher. 

Here’s a snapshot of the highest ongoing savings account rates in the Mozo database as of May 4, 2020:

Ongoing bonus rateMonthly conditions
BOQ - Fast Track Saver2.00%Min. $1,000 external deposit to linked account plus 5 transactions
86 400 - Save Account1.85%Min. $1,000 external deposit to either Pay or Save account
MyState Bank - Bonus Saver1.85%Min. $20 deposit plus 5 transactions from linked Everyday or Glide accounts
Up - Saver Account1.85%Min. 5 purchases using Up debit card or digital wallet

There were also changes to introductory savings rates throughout April, including AMP’s decision to reduce its Saver Account intro rate by 39 basis points (now 2.26% for six months) and Heritage Bank’s move trim 10 basis points off its Online Saver intro rate (now 2.20% for four months). 

Both accounts remain among the highest introductory rates in the Mozo database, though the Macquarie Savings Account introductory rate of 2.65% (for four months) is still the rate leader in the category. 

RELATED: Ways to avoid being a money waster during lockdown

For a walkthrough of all the major rate trends and changes in April to home loans, personal loans, credit cards and term deposits, don’t miss this month’s edition of the Mozo Banking Roundup. 

Otherwise keep up to date with all the latest news and rates by heading over to the Mozo savings accounts comparison hub.

Compare savings accounts - last updated 24 January 2022

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • AMP Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    From 1 Feb 2022, minimum deposit of at least $250 in the previous month.

    An ongoing total variable bonus rate of up to 1.35% per annum will apply each month from 1 Feb 2022 if you deposit $250 in the previous month. Available only on balances up to $250,000. AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^

    Details
  • Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate of 1.20%. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a savings account bundled with a spending account. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

    Details
  • Grow Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

    Details

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

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.