Minimal love forecasted for savings accounts in November

Two young businesspeople looking at documents discussing interest rates

We’ve endured yet another month dominated by savings account interest rate cuts.

Mozo’s data team counted 68 cuts last 30 days – with no rate rises in sight – which brought the average ongoing savings rate to 0.55%. 

November started with a bang, as Up cut its former top-rate account by a whopping 50 basis points to 1.10%. Its fellow October rate laters UBank and 86 400 also joined in the interest cutting spree throughout last month, bringing their going bonus rates down to 1.46% and 1.35% respectively.

There have been reductions across the board, whether you access bonus interest by meeting monthly criteria, chase high introductory rates, or stick to a solid base rate. Check out what each type of interest option looks like right now in the table below.

How does the RBA affect your savings account interest rate?

The next big event on the financial calendar is the Reserve Bank of Australia’s decision on whether or not to cut the cash rate

The cash rate – which is currently at a record low of 0.25% – is set by the RBA to stabilise the economy by balancing lending and savings interest rates. This number works as a benchmark which financial institutions consider when setting their own rates

There’s currently strong speculation the RBA will reduce the cash rate again on 3 November, which could drag savings rates to new lows. 

Mozo’s banking expert Peter Marshall explains why some banks may follow the RBA’s lead:

“Even though rates have been cut heavily over the last six months, there's just no appetite from the banks to get new deposits.”

“The RBA has been conducting a range of programs aimed at making funding costs for banks cheaper,” Marshall says. 

“This has resulted in banks having little use for money they have to pay retail deposit rates for – these are the savings accounts or term deposits the everyday Aussie might hold.”

If you’re a silver lining-seeker currently paying back a loan, the upside is some financial institutions may pass on savings to borrowers.  

“Home loan rates should fall. I'm tipping we will see more cuts to fixed than variable rates, and will see interest reductions on some personal loans,” Marshall says.

However, Marshall says not to hold your breath for any credit card interest rate cuts this time around. So if you are regularly tapping that plastic fantastic, make sure you pay back your credit card within the interest-free period.

Be prepared for whatever the rest of November brings with Mozo’s savings account comparison page.

Compare savings accounts - last updated 25 September 2021

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Bonus Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $250,000)
    0.05% 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.

    Details
  • Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.50% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a savings account bundled with a spending account. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

    Details
  • High Interest Savings Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,001)
    0.25% p.a.(for $0 to $250,001)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.

    Details
  • Fast Track Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.05% p.a. (for $1 to $250,000)
    0.05% p.a.(for $1 and over)
    Yes up to $250,000

    Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

    Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance. Earn Bonus Interest on your savings, with no minimum balance required.

    Details
  • Grow Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

    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.

    Details

^See information about the Mozo Experts Choice Savings Account Awards

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