September savings snapshot: Aussies get stung with more cuts ahead of spring

Man contemplating spring savings in a garden

It’s been another painful month for savers, with interest cuts dominating all changes in the at-call deposits world.*

This brings the average ongoing savings account rate to 0.63%, down 19 basis points from last month.

Australian Unity’s Active Saver
is now leading the interest rate ranks at 1.75%. It’s overtaken former headliners like 86 400 and Bank of Queensland, which respectively shaved off 10bp and 15bp from their top savings accounts. 

However, to access Australian Unity’s bonus rate, customers need to deposit at least $250 a month and not dip into the account at all. Interest reduces to 0.25% if either of these criteria are not satisfied, making this a less accessible option for anyone experiencing income or employment instability.

Savings accounts offering unconditional love

As headline rates drop, some base rates are edging closer to pole position. The Volt Bank Savings Account and Xinja’s Stash account are both sitting at 1.65% (although Stash is currently closed to new customers).

The benefits of unconditional savings accounts – not being required to make monthly deposits and having unlimited withdrawals – often come alongside a lower rate. So if you’ve got a savings bundle you want to grow but aren’t confident about meeting ongoing criteria, some unconditional financial love from a leading base account could go a long way.

Intro offers for short-term gains

Another route for making more out of your cash this spring is with an intro savings account offer. The introductory interest will only be accessible for a certain number of months and then revert to a lesser offer. But if you’ve got a big enough stash, this could make all the difference.

Leading introductory offers include:

Rabobank High Interest Savings Account: 2.00% interest for the first four months on accounts up to $250,000, reverting to 0.55% after the introductory period.

Heritage Bank Online Saver: 1.90% interest for the first four months on accounts up to $100,000, reverting to 0.80% after the introductory period.

Find more ways to save with these innovative online banking features, then check out more savings account options below.

*According to all savings accounts assessed in the Mozo database.

Compare high interest savings accounts

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Last updated 23 July 2024 Important disclosures
  • 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 4 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.

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    Details
  • 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.

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    Details
  • Bonus Saver Account

    5.00% 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 Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

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    Details
  • Savings+Bonus

    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

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    Details

^See information about the Mozo Experts Choice Savings Account Awards

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