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 rate | Monthly conditions | |
|---|---|---|
| BOQ - Fast Track Saver | 2.00% | Min. $1,000 external deposit to linked account plus 5 transactions |
| 86 400 - Save Account | 1.85% | Min. $1,000 external deposit to either Pay or Save account |
| MyState Bank - Bonus Saver | 1.85% | Min. $20 deposit plus 5 transactions from linked Everyday or Glide accounts |
| Up - Saver Account | 1.85% | 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.
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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.
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