May savings accounts: Cuts continue in the lead-up to EOFY
While reductions to savings account interest rates have slowed in the last month, cuts have still dominated rate changes. This has left the average ongoing savings rate at just 0.44%.
Market leaders change things up
After adding an ongoing bonus rate of 1.25% to its Saver Account, AMP is now second in line when it comes to savings interest rates (without age limits). However, the bank did drop its unconditional base rate by a huge 75bp to 0.10%.
This is good news for AMP customers who can meet the condition of depositing at least $250 every month, but not so great if that doesn't fit in your budget right now.
The account with the highest savings rate in Mozo’s database has seen a change that customers may have started feeling the effects of last month.
The ING Savings Maximiser offers the top rate of 1.35%, but in March another interest-earning condition was introduced. To get that headline rate, customers now have to grow their balance each month by more than the accrued interest. This is on top of existing requirements to settle five transactions via the liked Orange Everyday account and deposit at least $1,000 into either account monthly.
There’s no dollar limit on the balance increase requirement, so it might not seem like a massive task. But for anyone struggling to cover essential costs in a post-JobKeeper and JobSeeker world, this could mean the difference between meeting that bonus criteria or earning next-to-nothing in interest.
Kids bank accounts: Are the kids alright?
With all of this in mind, budget-conscious parents might be thinking, “Won’t somebody please think of the children?”
In answer to their call, Mozo has just released the 2021 Piggy Bank Report to investigate parents’ perspectives around pocket money. While savings interest rates may be low right now, Mozo’s data shows 63% of parents are still giving their children pocket money, although the majority only do so as a reward for completing household chores.
Mozo Spokesperson Tom Godfrey said this can be a great way to teach kids the value of money.
“It can also be a good way to introduce them to simple personal finance concepts such as saving, interest rates and the difference between credit and debit cards,” he said.
If you want to set up a savings account for your little’un to get them learning early – and take advantage of some of the better interest rates available to younger savers – check out the options below.
Compare kids savings accounts - last updated 19 March 2024
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Ziggy Kids Saver
3.01% p.a. (for $0 and over)
0.01% p.a.(for $0 and over)
Yes up to $250,000
Under 16
Minimum one deposit and no withdrawals in the month
CompareCompareZiggy Kids Saver
- Maximum rate
- 3.01% p.a. (for $0 and over)
- standard interest rate
- 0.01% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- ages
- Under 16
- conditions
- Minimum one deposit and no withdrawals in the month
- account fee
- $0.00
- minimum balance
- $0.00
- access
- BPay, Branch access, Phone banking, Internet banking
Read our Mozo Review to learn more about the Auswide Bank Ziggy Kids Saver
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Scoot Super Saver
No Current Offer
2.75% p.a.(for $0 to $50,000)
Yes up to $250,000
Up to 12
CompareCompareScoot Super Saver
- Maximum rate
- No Current Offer
- standard interest rate
- 2.75% p.a.(for $0 to $50,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- ages
- Up to 12
- conditions
- n/a
- account fee
- $0.00
- minimum balance
- $0.00
- access
- ATM, EFTPOS, Branch access, Phone banking, Internet banking
Read our Mozo Review to learn more about the BCU Bank Scoot Super Saver
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Mighty Saver Account
1.20% p.a. (for $0 and over)
0.01% p.a.(for $0 and over)
Yes up to $250,000
Under 18
Minimum deposit of $10 and no withdrawals in the month
CompareCompareMighty Saver Account
- Maximum rate
- 1.20% p.a. (for $0 and over)
- standard interest rate
- 0.01% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- ages
- Under 18
- conditions
- Minimum deposit of $10 and no withdrawals in the month
- account fee
- $0.00
- minimum balance
- $0.00
- access
- Branch access, Phone banking, Internet banking, Bank@Post
Read our Mozo Review to learn more about the UniBank Mighty Saver Account
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Mighty Saver Account
1.20% p.a. (for $0 and over)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Under 18
Minimum deposit of $10 and no withdrawals in the month
CompareCompareMighty Saver Account
- Maximum rate
- 1.20% p.a. (for $0 and over)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- ages
- Under 18
- conditions
- Minimum deposit of $10 and no withdrawals in the month
- account fee
- $0.00
- minimum balance
- $0.00
- access
- Branch access, Phone banking, Internet banking, Bank@Post
Read our Mozo Review to learn more about the Teachers Mutual Bank Mighty Saver Account
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Progress Saver
4.25% p.a. (for $0 and over)
0.01% p.a.(for $0 and over)
Yes up to $250,000
12 to 17 years
Bonus interest when you make a single deposit of $10 or more in a month and no withdrawals, fees or charges are processed to the account.
CompareCompareProgress Saver
- Maximum rate
- 4.25% p.a. (for $0 and over)
- standard interest rate
- 0.01% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- ages
- 12 to 17 years
- conditions
- Bonus interest when you make a single deposit of $10 or more in a month and no withdrawals, fees or charges are processed to the account.
- account fee
- $0.00
- minimum balance
- $0.00
- access
- Branch access, Phone banking, Internet banking
Read our Mozo Review to learn more about the ANZ Progress Saver
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^See information about the Mozo Experts Choice Savings Account Awards
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