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 28 February 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

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  • Hero Saver

    4.60% p.a. (for $0 to $250,001)

    1.00% p.a.(for $0 to $5,000,001)

    Yes up to $250,000

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

    Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.

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  • Mozo Expert Choice Badge
    Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

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  • Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

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^See information about the Mozo Experts Choice Savings Account Awards

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