November savings snapshot: Interest rates slip while Australians prioritise savings

People sitting at table looking at dropping savings rates, with a pink piggy bank in the foreground.

The savings account interest rate cuts continued to rain down last month, with 38 rate reductions recorded in the Mozo database. 

However, most of these movements were smaller compared to previous months, with the overage ongoing bonus rate for last month only dropping by one basis point to 0.38% despite the number of rate drops.

Leading savings account interest rates hold

The leading savings rates in the Mozo database also managed to avoid cuts and hold steady over the last month. When you don’t consider age-restricted accounts (which often offer higher rates), these are the leading accounts in our database for introductory, bonus and base savings interest rates:  

Leading bonus interest rate: 1.35% with the ING Savings Maximiser. Savers will need to meet a number of monthly requirements to nab the maximum interest rate from ING. This involves making a minimum deposit of $1,000 to a linked ING transaction account, settling at least 5 debit card transactions through that account, and growing the monthly balance in your savings (by more than the accrued interest).

Leading introductory interest rate: 1.50% with the Virgin Money Boost Saver. This recently announced rate will only be available to customers who apply for an account before 30 November 2021, so this is the month to make it happen. The intro offer is valid for the first three months when you meet bonus interest earning conditions (these vary for customers of different ages). After that time it reverts to a  still competitive bonus interest rate of 1.20% when you adhere to the criteria.

Leading base interest rate: 0.95% with the Macquarie Savings Account. Like most base rates, this offer is unconditional, which means there are no requirements to earn it. 

Savings goals top priority in 2021

We’ve seen more spending and saving data emerge over the last month. While spending on personal care and future travel saw a massive bump once NSW and Victoria emerged from lockdowns, many have savings goals at the top of their wish list.

A survey from the Financial Planning Association (FPA) saw 52% of respondents choose savings targets as their top financial goal in the year ahead, with travel spending and home loan repayments being the other main priorities.

If you’re looking to fatten up your savings fund with a bumper interest rate, consider a few of the high interest earning accounts below.

Compare high interest savings accounts - last updated 28 February 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • 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.

  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

  • Mozo Expert Choice Badge
    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 2023 Mozo Experts Choice Award winner.

  • Hero Saver

    4.60% p.a. (for $0 to $250,001)

    1.00% p.a.(for $0 to $5,000,001)

    Yes up to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.


^See information about the Mozo Experts Choice Savings Account Awards

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