Easy Street and Southern Cross boost bonus savings account rates
Two notable savings moves in the Mozo database should interest savers in August.
Both Easy Street and Southern Cross Credit Union bumped up their bonus savings rates by 10 basis points to 5.10%.
The changes were made in July, giving savers with these accounts a small boost to their ongoing savings rate.
Keep in mind that in most cases, interest is calculated daily and paid monthly. So while any new interest rate is applied from the date of the actual rate change, it typically takes until the next interest payment for the saver to see the impact of the rate adjustment.
For existing account holders of these two savings products, that would mean early August.
Where can I get 5% interest on my money?
A few recent savings rate changes surely have Aussie savers on close watch, taking fairly strong rate levels down to around 5% or lower.
For example, Bendigo Bank cut its Reward Saver by 25 basis points down to 5% p.a.
Meanwhile, Heritage Bank dropped its Online Saver rate by 25 basis points down to 4.90% p.a.
St George also reduced the introductory bonus rate on its Maxi Saver by 20 basis points to 5.15% p.a., at least staying above the 5% mark for now.
This is why the changes by Easy Street and Southern Cross stand out.
Recent savings changes of note in the Mozo database:
Easy Street Bonus Saver - 5.10% p.a. maximum rate when conditions are met, including a minimum $50 deposit and no withdrawals in the month.
(Note: If conditions are not met, you will receive a very low base rate of 0.01% p.a.).
Southern Cross Credit Union Star Saver - 5.10% p.a. maximum rare when conditions are met, including that the balance grows by $200 or more during the month.
(Note: If conditions are not met, you will receive a very low base rate of 1.25% p.a.).
What’s the average savings rate?
The average bonus rate in the Mozo database is currently 4.61%*, so these two savings accounts look quite favourable against this figure.
However, the best available bonus rate in the Mozo database is 5.55% p.a., offered by ME Bank.
(Note: If conditions are not met, you will receive a very low base rate of 0.55% p.a.).
Known as the HomeMe Savings Account, it requires savers to deposit a minimum of $2000 into a connected SpendMe account and have a higher closing balance than the last month.
If you’re wanting to compare savings accounts further, be sure to visit our Savings hub.
*This calculation is based on savings of $10,000, as at 13 August, 2024.
Compare savings accounts
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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 4 months.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- Standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Account fee per month
- $0.00
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
-
Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- Standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 0.55% p.a.(for $0 and over)
- Account fee per month
- $0.00
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the ING Savings Maximiser
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MoneyMAX Account
No Current Offer
4.75% p.a.(for $1 and over)
Yes up to $250,000
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
CompareCompareMoneyMAX Account
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
- Maximum rate
- No Current Offer
- Standard interest rate
- 4.75% p.a.(for $1 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 4.75% p.a.(for $1 and over)
- Account fee per month
- $0.00
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Branch access for deposits only.
Read our Mozo Review to learn more about the Unity Bank MoneyMAX Account
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Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.
Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.
CompareCompareBonus Saver Account
Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- Standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 0.05% p.a.(for $0 and over)
- Account fee per month
- $0.00
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
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Savings Accelerator
3.55% p.a. (for $0 to $50,000)
2.85% p.a.(for $0 to $50,000)
Yes up to $250,000
New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Accelerator
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 3.55% p.a. (for $0 to $50,000)
- Standard interest rate
- 2.85% p.a.(for $0 to $50,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 2.85% p.a.(for $0 to $50,000)
- Account fee per month
- $0.00
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the ING Savings Accelerator
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^See information about the Mozo Experts Choice Savings Account Awards
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