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 - rates updated daily

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    Mozo Experts Choice 2021
    Bonus Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% 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 Everyday or Glide transaction accounts.

    Go to site
    Details
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    Boost Saver with Go Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Go to site
    Details
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    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.

    Go to site
    Details
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    Serious Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.30% p.a. (for $0 to $1,000,000)
    0.15% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for first 3 months, reverting to 0.15% rate after

    Go to site
    Details

^See information about the Mozo Experts Choice Savings Account Awards

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