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

By Tom Watson ·

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 February 20, 2021

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
  • mini-meca-2021
    Bonus Saver 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 when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

    Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category.^ No monthly account fees and no minimum balance requirements.

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    Details
  • Hero Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.80% p.a. (for $0 to $250,001)
    0.01% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.

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    Details
  • Serious Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.80% p.a. (for $0 to $1,000,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.05% rate after*

    $0 monthly account fee. Link to any Australian bank account.

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    Details
  • Online Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $500,000)
    0.35% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.

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    Details
  • Flexi Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.75% p.a. (for $0 to $5,000,000)
    0.05% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Increase balance by at least $300 in the month

    No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.

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    Details

^See information about the Mozo Experts Choice Savings Accounts Awards

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