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.