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 18 June 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • 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 2024 Mozo Experts Choice Award winner.

  • PremiumSaver

    5.45% p.a. (for $0 to $250,001)

    1.50% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account 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.^

  • 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.


^See information about the Mozo Experts Choice Savings Account Awards

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