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 27 November 2021

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

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.