Red alert for savers as rates plummet

Red alert savings account content

Experts are urging Aussie savers to rescue their rainy day funds by switching to a top paying account, as rates on some of the nation's most popular accounts race towards 0%. Alarm bells are ringing after the average savings rate dropped by 22 basis points in June, and is now sitting at a dismally low 1.39%. 

It’s even worse for customers of the major banks, with ANZ Online Saver, CommBank NetBank Saver, NAB iSaver and Westpac eSaver now paying just 0.30% ongoing interest. And with another potential RBA rate cut or two fast approaching, Mozo's experts predict the banks are on an express train towards 0%.

“It’s not great news for the nation’s savers with at call savings rates tumbling towards zero,” Mozo Director Kirsty Lamont said. “If the major banks were to pass on two more official rate cuts, the nation’s savers would be devastated.”   

If your savings account has taken a hit, here are three Mozo Experts Choice Award winning savings accounts to compare...

Top High Interest Savings Accounts 2019

UBank USave with USpend Transaction Account
  • Generous 2.60% ongoing bonus rate

  • $0 account keeping fees

  • 2019 Mozo Experts Choice Savings Bank of the Year

Expert verdict

UBank took home the prize for Savings Bank of the Year 2019, and with offerings like the USaver Ultra it’s not hard to see why. To earn 2.87% on your savings, just add an Ultra transaction account and deposit $200 or more a month into either account. Featuring no sneaky fees and with interest calculated daily, you’ll know exactly how much interest you’re making, so you can reach your savings goals faster.

Where do I get it? Head over to UBank to find out more >>

AMP Bank AMP Saver Account
AMP Bank
  • High 2.75% interest rate for 4 months

  • 1.85% ongoing interest rate

  • Dual 2019 Mozo Experts Choice Winner

Expert verdict

With the AMP Saver Account you’ll benefit from a competitive ongoing interest rate plus a tasty 4 month bonus rate to really give your savings a boost. There are no hidden monthly fees and you can make unlimited deposits and withdrawals too. With easy to use, 24/7 app, internet and phone access, this savings account will seamlessly fit into your life.

Where do I get it? Head over to AMP to find out more >>

Bank Australia Bonus Saver
Bank Australia
  • Competitive 2.15% special interest rate

  • Unlimited phone and internet transactions

  • Mozo Experts Choice Award winning banking app

Expert verdict

Bank Australia's Bonus Saver Account pays a competitive 2.15% when you deposit $100 a month into the account and don't withdraw anything in the month. Savers might want to set up an automatic monthly transfer into the account, as the rate drops to 0.10% for the month if you don't meet these conditions. As an added bonus, if you're all about the tech and a great banking app experience, you can keep an eye on your growing stash through the Bank Australia app which took out a 2019 Mozo Experts Choice Award.

Where do I get it? Head over to Bank Australia to find out more >>

^See information about the Mozo Experts Choice Savings accounts Awards

Want to compare more savings accounts? Compare over 60 banks on Mozo to find a high interest savings account for your needs.

This is just a selection of our Mozo Experts Choice Best Savings Account winners, announced in 2019. Head over to our dedicated Awards page if you want to see the full list of winners.